Article taken from: www.telegraph.co.uk
Saudi Arabia has more oil than we may ever need Save Saudi Arabia
S audi Arabia has finally silenced its peak-oil critics and simultaneously revived interest in its stalled $2 trillion (£1.6 trillion) plan for a stock market float of state-owned producer Aramco.
The kingdom revealed this 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 268bn barrels, up from previous estimates of 266bn.
By comparison, the UK’s remaining cache of retrievable oil under the seabed of the North Sea will be almost completely drained, probably after another couple of decades.
The updated figures were no surprise for many experts. BP’s highly respected statistical review of world energy… To continue reading this article Start your free trial of Premium Access all Premium articles