U.S. holds bigger oil reserves than Saudi Arabia, Russia -study

An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson - RTSGTQF

LONDON (Reuters) - The United States holds more recoverable oil reserves than Saudi Arabia and Russia thanks in large part to its shale oil, Norwegian consultancy Rystad Energy said in a report.

** The United States currently holds an estimated 264 billion of barrels of reserves in existing fields, discoveries and yet to be discovered fields, according to Rystad.

** That compares with 256 billion barrels for Russia and 212 billion barrels for Saudi Arabia.

** For the U.S. more than 50 percent of remaining oil reserves are unconventional shale oil with Texas alone holding more than 60 billion barrels of shale oil according to the data.

** Rystad Energy estimated total global oil reserves at 2092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude oil per year.

** Unconventional oil recovery accounts for 30 percent of the global recoverable oil reserves while offshore production accounts for 33 percent of the total.

Reporting by Ron Bousso; Editing by Greg Mahlich