BP raised its estimates of Saudi and US crude oil reserves at the end of last year by 12 percent and 22 percent, respectively, in its benchmark 2019 Statistical Review of World Energy.
Saudi proved oil reserves were revised to 297.7 billion barrels at the end of 2018 from 266.2 billion barrels in last year’s report.
The increase came after the Kingdom started reporting separately oil, gas and natural gas liquids (NGL) reserves, BP Chief Economist Spencer Dale told reporters.
NGLs were previously included in gas reserves, Dale said, which as a result declined to 208.1 trillion cubic feet from 283.8 trillion cubic feet in 2017.
Oil reserves for the United States, which became the world’s top producer in 2018, were upgraded to 61.2 billion barrels from 50 billion barrels at the end of 2017, according to the report.
Overall global reserves were little changed at 1,729.7 billion barrels, roughly the equivalent of 50 years of the world’s current demand.
Saudi Arabia’s proved oil reserves rose 12 percent at the end of 2018