Study finds ’80 more years of Saudi oil at current production levels’
Saudi Gazette | Lucien Zeigler | 7.8.12
Saudi Arabia, the biggest oil producer in the world with a proven reserve of 264 billion barrels, could continue oil supplies for the next 80 years at the current production levels, the Kuwait-based Diplomatic Center for Strategic Studies (DCSS) said in a study.
Saudi Arabia retains 38.7 percent of world oil reserves whereas the shares of Kuwait, the United Arab Emirates (UAE) and Qatar stand at 14.8 percent, 14.3 percent and 3.7 percent respectively, the report said.
Saudi Aramco has carried out a mega investment program at a cost exceeding $100 billion and, consequently, increased production capacity to 12.5 million barrels a day.