Proven Oil & Liquid Reserves In 2016 Fall For Second Consecutive Year

Proven Oil & Liquid Reserves In 2016 Fall For Second Consecutive Year

Annual reports of 68 publicly traded oil companies indicated that their aggregate proved liquids reserves declined in 2016 for the second consecutive year.

The decline in proved reserves was heavily concentrated in a few companies that reduced their estimated reserves from Canadian oil sands projects.

Downward revisions of existing resources, relatively low extensions and discoveries, and relatively high production also contributed to a decline in proved reserves.

The 68 oil companies included in this analysis are listed on U.S. stock exchanges and consequently are required to report their proved reserves annually to the U.S. Securities and Exchange Commission.

Collectively, their global crude oil and other liquids production averaged 24 million barrels per day during 2016, or about 25% of the global total.”—EIA

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