Saudi Arabia has finally silenced its peak oil critics and simultaneously revived interest in its stalled $2 trillion plan to IPO state-owned producer Aramco. The kingdom revealed last week it has enough crude to pump at current rates for at least another 70 years. At the end of 2017, Saudi oil reserves stood at an eye-watering 268.5 billion barrels, up from previous estimates of 266.4 billion. By comparison, the UK’s remaining cache of commercially retrievable oil under the seabed of the North Sea could be almost completely drained in a couple of decades. The updated figures were no surprise for many experts. BP’s highly respected Statistical Review of World Energy lists Saudi oil reserves at just over 266 billion barrels and Rystad Energy estimates that 276 billion barrels remain under its Arabian deserts. However, not everyone has been convinced by either the longevity, or scale, of Saudi’s remaining oil riches. In his critically acclaimed 2005 book “Twilight in the Desert”, the then prominent oil economist Matthew R. Simmons predicted that Saudi Arabia’s oil wells were about to run dry. His theory was based on the aging status of several gigantic oil fields, which still provide the bulk of the kingdom’s… continue reading
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Source: CTRM Center