US has more oil reserves than Saudi Arabia, says study

The US holds more oil reserves thanSaudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study. Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264 billion barrels. The figure surpasses Saudi Arabia’s 212 billion and Russia’s 256 billion in reserves.

The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1 trillion barrels. This is 70 times the current production rate of about 30 billion barrels of crude oil a year