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Saudi Oil Reserves Up by 12% in 2018 – BP

Saudi Arabia’s oil reserves were revised upwards by 12 per cent in BP’s new Statistical Review, moving the Kingdom closer to the top spot after it revealed long-held reserves secrets.

 

Saudi Arabia’s total proved reserves at the end of 2018 jumped to 297.7 billion from 266.2 billion from a year earlier, according to BP Statistical Review of World Energy 2019. This accounts for 17 per cent of the world’s total.

 

At the end of 2017, Saudi oil reserves stood at 268.5 billion barrels, up from previous estimates of 266.4 billion, according to the independent audit by U.S. consultants DeGolyer & MacNaughton.

 

BP's chief economist Spencer Dale said the Saudi reserve figures are some 30 billion barrels higher than year-ago levels, reflecting new details from state-owned energy giant Saudi Aramco on the classification of its natural gas liquids, or wet gas as liquid oil.

 

Aramco's latest annual report estimates that the country's reserves of NGLs -- light hydrocarbon liquids separated from raw natural gas flows -- stood at 35.1 billion barrels at the end of 2017.

 

According to Aramco's latest figures, Saudi Arabia's proven gas reserves stood at 36.93 billion barrels of oil equivalent in 2017, down from a previously reported oil equivalent figure of 52.79 billion for 2016.

 

BP's latest Statistical Review now counts Saudi Arabia proven gas reserves at 5.9 Tcm for the end of 2018, down from 8 Tcm in 2017.

 

Overall, the world's total proven reserves of oil rose by almost 2 per cent last year to 1.729 trillion barrels, BP said, from 1.727 trillion barrels in 2016.

 

Meanwhile, Venezuela currently holds the world’s largest reserves at 303 billion barrels and Canada is third with 168 billion barrels.

 

BP also said oil reserves for the United States, which became the world’s top producer in 2018, were revised upwards by 22 per cent to 61.2 billion barrels from 50 billion barrels at the end of 2017.

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