Iran’s oil reserves expected to outlive Saudi Arabia’s

At the current rate of production, Iran’s oil reserves will outlive those of Saudi Arabia, even though the kingdom’s official reserves are nearly twice those of Tehran’s, according to the London-based Economist magazine.

Using BP’s latest Statistical Review of World Energy, the weekly calculated that Iran’s proven oil reserves of 132.5 billion barrels at the end of 2004 will not be exhausted for another 89 years using last year’s rate of production.

IRNA