Many countries and organisations worry about how much oil is left in the ground due to the finiteness of the oil resources! Saudi Arabia is the biggest oil producer and exporter having some of its greatest known reserves 🇸🇦 !
However the answer to how long Saudi oil will last is complex and must be considered from multiple perspectives 🇸🇦. First and foremost there remains much unknown about how much oil remains underground in the kingdom; secondly extraction rates and how much needed for global demand could also influence its longevity; finally other elements like climate change environmental protection policies, and politics all play a role as well ️.
The exact amount of oil that is left in the ground is unknown. There are many estimates . Some suggest that Saudi Arabia still has 267 billion barrels worth of oil, while others believe it may have only 20 billion barrels 🇸🇦. The most common estimate is that there are 60-100 Billion barrels of oil left for the kingdom.
It all depends on how much oil is extracted 🔛. The oil reserves will last another 67 years if the current extraction rate is maintained at the same level. This is based upon the current rate at which oil is extracted, which is approximately 11 . 5 million barrels each day . The reserves could be less long if the extraction rate increases. However a decrease in the rate could mean that the reserves will last longer ️.
It is also worth noting that the amount of oil needed to satisfy global demand can also affect how long Saudi oil will last. If demand increases then the reserves could be depleted more quickly while if demand decreases then they could last longer. For instance the recent dip in demand due to the COVID-19 pandemic has resulted in a decrease in the rate of extraction and therefore an increase in the longevity of Saudi oil reserves ️ 🇸🇦.
In addition to extraction rates and demand other factors can also affect how long Saudi oil will last. Climate change is one such factor as a warmer climate can reduce the amount of oil available for extraction while efforts to protect the environment can also reduce the time frame for the reserves ️ 1️⃣. Finally, political factors can also affect the longevity of Saudi oil, as the kingdom continually navigates its tumultuous relationship with the international community.
To conclude, it is difficult to accurately predict how long Saudi oil will last 🇸🇦. Estimates vary and are dependent on a number of factors such as the rate of extraction, global demand, climate change, and politics ️ 🔛. While estimates suggest that the oil reserves could last for another 67 years if extraction rates and demand remain at their current levels it is important to note that this is by no means set in stone and can change depending on developments in these other areas 🔛. … .
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