Iran's oil reserves expected to outlive Saudi Arabia's

[Gloria]

The original article at the Economist is premium content....



http://www.irna.ir/en/news/view/line-18/0506241568192040.htm

Iran's oil reserves expected to outlive Saudi Arabia's
London, June 24, IRNA

World-Oil Reserves
At the current rate of production, Iran's oil reserves will outlive those of Saudi Arabia, even though the kingdom's official reserves are nearly twice those of Tehran's, according to the London-based Economist magazine.

Using BP's latest Statistical Review of World Energy, the weekly calculated that Iran's proven oil reserves of 132.5 billion barrels at the end of 2004 will not be exhausted for another 89 years using last year's rate of production.

In comparison, Saudi Arabia's 262.7 bn barrels, which represent 22 per cent of the world's official oil reserves, would last for only 68 years.

The reserves of Iraq, Kuwait and the UAE, which are respectively placed third, fourth and fifth behind Saudi Arabia and Iran, were estimated to be able to continue 2004's rate for production for over 100 years each.

Among Iran's other neighbouring states, none were calculated as being able to produce oil longer, with Kazakhstan's reserves expected to be exhausted in 84 years, Azerbaijan's in 60, Qatar in 42 and Oman in 19.

Based on BP's figures, the US will be only able to produce oil for another 11 years, Canada for 15, Russia for 21 and Norway for 8 years.

The UK was not listed but production has been declining since 1999 and it is expected soon to become a net importer of oil.

[Systematic Chaos]

1. Like this even MEANS anything....

First of all, once all these other countries are no longer "able to produce oil", that much more has to come from the reserves in Iran. So, the time tables are totally off.

Next, "last year's rate of production" will pale in comparison to the rising rate of demand even twenty years from now, assuming there is supply to meet that demand.

Finally, there will come a point LONG before 100% of those reserves are pumped out of the ground that it will cost more energy to extract the oil than what will be provided from it once its refined. Who's gonna expend four barrels of oil or the energy equivalent to get one barrel of low-quality sludge from the very bottom of an oil field?

Just more bullshit to try and calm the sheep. :eyes:

[marmar]

2. Oh yeah...

Someone's cooking up a war plan as we speak.

[teryang]

3. The discussion of "inefficient management" of Iranian fields

...has been present in energy publications for years. Iran has always been a target. What this perspective entails is the notion that western oil CEOs can exploit the Iranian fields better.

This is just the new permutation of the notion that the Iranian fields belong to the Anglo-American cartel and were wrongfully expropriated by the Iranian revolution.

In other words, it is the superior "white man's" burden to develope Iranian energy resources.

[Deja Q]

4. So that means we have 89 years' worth of oil?!

Great. Now tell the corporate folks to bring America's infrastructur and jobs back.

[bemildred]

5. Lucky Iran.

:sarcasm:

[moondust]

6. Dibs!

I didn't hear anybody else call it.

[daleo]

7. Even if middle east reserves were to last that long

Reserves in many other areas will run down long before that, and demand will continue to increase. So the squeeze on oil will not go away.

[DeepModem Mom]

8. kick