Reserve to Production Ratios for Top Ten Oil Producing Nations
The ratio of reserves to production gives a relative measure
of the resources available in different oil producing countries. At
current production rates, known reserves of crude oil in OPEC countries would
last 29 to 142 years, with Iraq having the largest ratio. The three
nations which joined OPEC's production cuts in 1999 also have substantial
reserves, with Mexico at 37 years. The R/P ratio for the United States is
only 7 years. However, these calculations do not include estimates of
undiscovered oil, which are uncertain but would substantially increase the
actual remaining years of oil. At the same time, demand for oil is
expected to rise, which will decrease the number of years.
Source: Calculations by J. Maples,
Trancon, Inc. using data from U.S. Department of Energy,
Energy Information Administration, International Energy Annual 1998,
January 1999. Production for 1998: Table
G1; reserves as of Jan. 1, 1999: Table
8.1, original source Oil & Gas Journal.
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