Five Middle East countries in top ten with largest oil reserves: GlobalData

GlobalData RaThe green represents remaining crude oil and condensate reserves (mmbbl) and the purple represents remaining break-even oil price (US$/bbl). (Image source: GlobalData)Saudi Arabia, Iraq, Kuwait, Iran and the UAE rank in the list of the ten countries with the largest remaining crude and condensate reserves, according to GlobalData

GlobalData RaThe green represents remaining crude oil and condensate reserves (mmbbl) and the purple represents remaining break-even oil price (US$/bbl). (Image source: GlobalData)Saudi Arabia, Iraq, Kuwait, Iran and the UAE rank in the list of the ten countries with the largest remaining crude and condensate reserves, according to GlobalData

The USA is in first place, with 91.1 bbl expected to be economically recovered in the country, according to GlobalData.

Unconventional oil reserves across the top ten countries stand at 9.2 per cent (45.8 bbl), oil sands reserves stand at 6.7 per cent (33.3 bbl) and heavy oil represents 4.5 per cent (22.2 bbl) of all remaining reserves, according to the leading data and analytics company.

The GlobalData’s upstream analytics chart represents countries with remaining crude and condensate reserves across the globe, along with remaining break-even oil price for each country.

According to the chart, the crude and condensate reserves of Saudi Arabia, Iraq and Russia follow closely with 77.4 bbl, 71.8 bbl and 70.6 bbl respectively. The other countries in the top ten also include Canada, Brazil and China.

Shallow water developments will account for 14.1 per cent (70.3 bbl) of remaining reserves. The UAE has the lowest remaining break-even oil price at US$4 per barrel for shallow water developments, while the USA has the highest break-even oil price at US$32 per barrel.

Over 77.1 per cent of the 10 leading countries’ remaining reserves, or 383 bbl, will be produced from onshore fields. The UAE has the lowest remaining break-even oil price at US$3 per barrel for onshore developments, while Canada’s onshore projects have the highest break-even oil price at US$31 per barrel.

GlobalData forecasts that ultra-deepwater developments will be responsible for 30.3 billion barrels of remaining reserves, spread between the USA and Brazil, which have a remaining break-even oil price of $33 and $37 per barrel, respectively.

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