The total global recoverable oil reserves have increased by 52 billion barrels since last year, with their use potentially causing around 20% of future warming.
- Jun 29, 2023, 10:00 AM CDT
Emissions from oilfield operations are estimated at 5% of all crude-related emissions. The industry is working actively to reduce the intensity of upstream emissions, which can vary from 10 kilograms of carbon dioxide per barrel of oil in Saudi Arabia to more than 100 kgCO2/kg in heavy oil fields in Venezuela.
Although 1,624 billion barrels of oil are technically recoverable, fewer than 1,300 billion barrels are likely to be economically viable before 2100 at an average Brent price of $50 per barrel. The potential longevity of proven reserves varies widely among OPEC and non-OPEC producers, ranging from fewer than five years for the UK to more than 20 years for Canada. Iran leads OPEC members with almost 13 years of proven reserves.
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