Iran holds second long-lasting oil source: BP
Iran has oil reserves to last for the next 88 years and is the second long-lasting oil source in the world , according to the latest annual BP Statistical Review of World Energy-MNAreports.
BP announced in the report that in regard of Reserves-to-production (R/P) ratio, UAE will be the prominent source of oil for the world in the coming decades.
BP defines Reserves-to-production (R/P) ratio as such: If the reserves remaining at the end of any year are divided by the production in that year, the result is the length of time that those remaining reserves would last if production were to continue at that rate.
Based on this index, UAE will have oil reserves to last for the next 94 year. According to the report, Iran placed in the second rank. By regarding these preconditions that Iran's oil reserves, production not change extremely, Iran can produce oil until 88 next years. Libya will have the potentiality of producing oil in next 77 years and placed in the third rank.
BP said that although Saudi Arabia is now the largest oil producer and has the largest oil reserves in the world, but based on the R/P ratio the country follows UAE, Iran and Libya. Saudi Arabia's oil will finish 16 years beforehand of Iran's oil, BP added. Saudi Arabia R/P ratio is about 72 years.
BP Statistical Review of World Energy showed that U.S. will have the potentiality of oil production only in next 11 years. Also the R/P ratio for Russia is calculated some 20 years.