

What is more, Saudi Arabia has 68 years of reserves at 2024’s production rate. The world will probably have stopped using hydrocarbons long before those run out. So any crude it does not pump today could be money lost forever.
-
Holy. FUCKING. SHIT! That is a lot of oil!
-
But the math doesn’t check out. The world uses about 37 billion barrels annually. Saudi Arabia has ~260 billion barrels in reserve. That’s more 7 years of global oil reserves. It would cover about 40 years of US oil use. And it would cover the modest Saudi annual useage for over 200 years. So no matter which way you slice it, the math is funky here.
-
Something else I just discovered. Saudi Arabia does not have the world’s largest oil reserves. That honor goes to…drumroll…yep, you guessed it. Venezuela.







The same reason that DeBeers doesn’t flood the market with diamonds.
OPEC has always been about manufactured scarcity. It’s not a bad scheme, if you have a heavily concentrated, limited resource. The difference, of course, is that oil is actually useful. So might as well pump it while you can, store it where it’s easy to get and ration it out.