US oil reserves soar to highest level since ’70s

: Tuesday, April 15 - 2014 @ 09:11

According to a report released by the US Energy Information Administration (EIA), the US’ proved reserves of crude stood at 30.5 billion barrels at the start of 2013, Arab News has reported. If condensates are included, proved reserves reached 33.4 billion barrels, the highest since 1976, said the report. Proved reserves jumped 60% to almost 11.5 billion barrels in just four years, between the end of 2008 and the end of 2012, even as 8.4 billion barrels were extracted from existing oil and gas fields in the same period, EIA added.

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Tuesday, April 15- 2014 @ 9:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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