29-07-04

At the current production level of 8 mm bpd of oil, Saudi Arabia's oil reserves might not face depletion for at least 73 years, said a BP report.

The reserves amount to an estimated 262 bn barrels of oil, ranking Saudi Arabia the first among all oil-producing states. Reserves in Iran are estimated by the report to last 93 years; in Iraq, Kuwait, and the UAE over 100 years.

Russia will see its oil reserves depleted in 22 years, the US in 11 years, Libya in 66 years, Venezuela in 72 years, and Nigeria in 43 years, said the report.

Among other Arab countries, the report cited Qatar with a depletion estimate of 46 years, Algeria 17 years, and Oman 19 years. All these estimations are calculated based on current levels of production in these countries.

The overall oil reserves worldwide has been estimated by the report to be about 1.11 tn barrels.

Source: Kuwait News Agency