LONDON (Reuters) – British oil giant BP raised its estimate of Saudi and US oil reserves at the end of last year by 12 percent and 22 percent, respectively.
The change in Saudi Arabia's estimated oil reserves has confirmed to 297.7 billion barrels at the end of 2018, from 266.2 billion barrels in last year's report.
Spencer Dell, BP's chief economist, told reporters, "The increase came after the UK began declaring reserves of oil, gas and natural gas liquids separately."
"Reserves of natural gas liquids were previously mentioned in the gas reserves, resulting in a decline to 208.1 trillion cubic feet from 283.8 trillion cubic feet in 2017," he said.
The report raised estimated US oil reserves, which became the world's largest producer in 2018, to 61.2 billion barrels from 50 billion barrels by the end of 2017.
Total world reserves remained unchanged at 1729.7 billion barrels, covering nearly 50 years of global demand at current rates.