The United States currently holds more recoverable oil reserves than Saudi Arabia or Russia, with unconventional shale oil accounting for 50 percent of that U.S. estimate.
That's according to new reserves data from Rystad Energy, which found Texas alone holds more than 60 billion barrels of shale oil. Rystad's estimated grand total for the U.S. (264 billion barrels) now exceeds its totals for top oil exporting countries Saudi Arabia (212 billion barrels) and Russia (256 billion barrels) .
The oil and gas consultancy estimates total global oil reserves at 2,092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude a year.
"The data confirms there is a relatively limited amount of recoverable oil left on the planet," Rystad said in a statement. "It becomes very clear that oil alone cannot satisfy the growing need for individual transport."