The U.S. has overtaken oil industry behemoths Saudi Arabia in the number of recoverable oil reserves they have, according to a recently released international study.
The new report, which was carried out by Oslo-based oil and gas consulting firm Rystad Energy, stated that the United States has around 264 billion barrels of oil, which is eight billion more than Russia and a huge 52 million barrels more than can be found in Saudi Arabia, which has long been the dominant party in the Organization of Petroleum Exporting Countries (OPEC).
As recently as 2013, the United States was lagging behind Saudi Arabia, Russia, and even Canada in the consulting firm’s estimates of recoverable oil, which equates to the number of barrels of oil that can feasibly be extracted, in terms of both available technology and economic factors.
Speaking about the study, Sacramento’s Irani Engineering president Saeed Irani said:
“It is an encouraging study. It shows that even though our economy is so vast and diverse, oil is still going to play a big part in it.”
The significant rise in extractable oil for the United States is due primarily to advantages in technology like fracking and horizontal drilling, which enable firms to extract oil and gas from shale formations.
These findings could mean that oil giants like Shell and Q8 could, in the future, use more United States oil in their most popular products, including Q8 Rembrandt EP2 and Shell Gadus S2 V100 3.