The United States has overtaken industry giants Saudi Arabia and Russia in recoverable oil reserves, an international study released Monday says.
The U.S. is sitting on 264 billion barrels, 8 billion barrels more than Russia and 52 billion more than Saudi Arabia, the dominant member of the Organization of Petroleum Exporting Countries (OPEC), according to the report by Rystad Energy, a respected oil and gas consulting firm based in Oslo.
Three years ago, the U.S. was behind Russia, Saudi Arabia and Canada in Rystad’s estimates of recoverable oil — barrels that are technologically and economically feasible to extract.
“It is an encouraging study,” said Saeed Irani, president of Irani Engineering, a Sacramento company that is one of the state’s leaders in oil field operations. “It shows that even though our economy is so vast and diverse, oil is still going to play a big part in it.”