The United States now holds the largest oil reserves in the world, according to a new study.
According to a study published by Rystad Energy, the United States now holds more recoverable oil reserves than both Saudi Arabia and Russia.
More than 50 percent of the remaining oil reserves in the United States are in unconventional shale oil plays.
According to the report, Texas alone currently holds more than 60 billion barrels of shale oil.
Saudi Arabia took the top spot for the largest proven reserves, with the kingdom’s P1 reserves coming in at 70 billion barrels.
U.S. proven reserves currently stand at 29 billion barrels while Russia’s proven reserves sit at 51 billion barrels.
Although Brazil’s proven reserves only stand at 10 billion barrels, Rystad Energy estimates that the country’s fields could hold as many as 120 billion barrels.
Rystad Energy estimates that total global oil reserves now sit at 2092 billion barrels, or about 70 times the current production rate of about 30 billion barrels of crude oil per year.
Unconventional oil recovery currently accounts for 30 percent of global recoverable reserves while offshore plays account for 33 percent of reserves.
The world’s seven major oil companies were found to be holding less than 10 percent of the world’s total reserves.
However, despite the sizable reserves, Rystad Energy said that the data confirms that there “is a relatively limited amount of recoverable oil left on the planet.”
“With the global car-park possibly doubling from 1 billion to 2 billion cars over the next 30 years, it becomes very clear that oil alone cannot satisfy the growing need for individual transport,” Rystad Energy said.