U.S. now has more oil than Saudi Arabia, Russia
The U.S. has more recoverable oil reserves than Saudi Arabia and Russia, according to a new report by Norwegian consulting firm Rystad Energy. More than 50% of America’s remaining oil reserves are made up of unconventional shale oil — of which Texas alone has 60 billion barrels.
Rystad said unconventional oil recovery accounts for 30% of global recoverable reserves and offshore accounts for 33%. The seven major oil companies have less than 10% of global recoverable reserves.
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