Recoverable oil corresponds to the industry term “remaining technically recoverable crude oil and lease condensate”, i.e. Of the 1,572 billion barrels of technically recoverable oil, only about 1,200 billion barrels are likely to be economically viable before 2100 at $50 per barrel. Referring to the report on recoverable oil resources, Saudi Arabia holds onto the top spot with 275 billion barrels, followed by the US with 193 billion barrels. Russia with 137 billion barrels, Canada with 118 billion barrels and Iraq with 105 billion barrels round out the top five. In Europe, both the UK and Norway’s recoverable volumes have fallen by one billion barrels and now stand at 10 billion and 17 billion barrels respectively.

Source: Libya Today July 04, 2022 05:52 UTC