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Main » 2019 » February » 18 » Oil reserves in Saudi Arabia: what are they?
08:30
Oil reserves in Saudi Arabia: what are they?

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In Venezuela there is a tremendous amount of oil in the amount of 303 billion barrels, the volume of such no one else in the world. But all is not rosy, because the bulk of production is extra-heavy oil, for the production of which requires the use of expensive equipment, and from an economic point of view it is very profitable. It turns out that a certain part of the country's reserves are not to be considered "proven." 
 

 

 

 

 

We can recall that the deposits located in Venezuela increased sharply from 80 billion barrels for 2005 and 2014 have already reached 300 billion barrels. This is due to the increase in oil prices, have risen at a significant level. Venezuelan oil through this became much more profitable. 

Simply put, the deposits of black gold was added to the confirmed category. 
Saudi Arabia did not stay on the sidelines. During 2005 she announced to the world about its holdings of 264 billion barrels, while in 2014 this figure was even more - 267 billion barrels. 

Oil Saudis all perceived as a profitable investment and acquisition before such time as the product pricing policy has not increased dramatically. In this connection, the proven reserves of Arabia account for 16% of global volume, and play an important role in the oil market.  

But experts have long been doubts about the authenticity of the data provided. Dating back to the 1982 Riyadh is increasingly began to keep silent about their precise statistics. Earlier, analysts from abroad can at any time check the dubious information. After closing the access, the proven oil reserves in the territory of Arabia were estimated at $ 166 billion.

Three decades ago, namely in 1988, the Saudis have dramatically increased the performance at 90 billion barrels. Most analysts have suggested that such information is associated with OPEC and its policy revisions. According to data obtained by the Forbes, for a long time it was not carried out an external audit policy, so experts have started to be skeptical of such figures. 

As an example, recall also that in 1990, oil reserves were equal to 260 billion barrels, and is currently 266 billion barrels. It looks like something is absurd, when you consider that they are not renewable in such a short period of time. During the period From 1990 to 2017 100 billion barrels were produced in Saudi Arabia, it is a considerable figure. It turns out that the volume remained practically unchanged? 

In preparation for the IPO company Saudi Aramo Riyadh decided to conduct a special audit of reserves. Due to data obtained an independent assessment of oil reserves in Saudi Arabia are in the aisles of 271 billion barrels. 

But in spite of this reliable information, yet there are many who still do not believe in these figures. For example, Mamdouh Salameh, an expert in the field of economics wrote: "According to my calculations the oil field in Saudi Arabia, was discovered in 1938. Annually depletion occurred somewhere in the 5-7%, that is, it turns out that oil should now be in the aisles of 70-74 billion barrels. "

Is there any logical explanation for such a discrepancy between the statistics? This question can give three answers. First, the discovery of additional deposits. Secondly, thanks to the introduction of advanced technology solutions become possible oil production on a large scale. And the third - the price increase contributed to a significant increase in additional reserves and made them, from the point of view of the economy, is much more profitable.  

We should not exclude the fact that the Saudis managed to find additional reserves, the s1982 They have full access to the technique by which the United States to increase its own oil production. In this regard, we should not draw conclusions based only on data available on the old holdings. If guided by calculations, we can say that since 1991, the US rate of oil production would be close to zero. 

There is no exact information that the proven reserves of oil reserves located in Saudi Arabia are not as available from official sources. Independent auditors have confirmed that Riyadh information coincides with their data. 

At the state can be an example to follow, that oil reserves may increase. Thus, we can summarize that in Saudi Arabia is 270 billion barrels of oil reserves, which are confirmed.

 

WELTRADE analyst

 

 

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