Saudi claims crude oil reserves will last 70 years

The world’s largest oil exporter Saudi Arabia sees its crude reserves of 266.5 billion barrels lasting 70 more years, according to a new bond prospectus seen by Bloomberg News.

The brochure has also revealed that sales of crude oil account for 75 per cent of



Saudi Arabia’s total export earnings.

Saudi Arabia relies heavily on its oil economy for its nation’s wealth. However, as the price of crude oil has dropped by almost half since 2014, the kingdom has been forced to seek funds to shore up public finances.

At the same time, the Saudi plans to dissuade its decades of dependence on oil for state revenue by encouraging alternative industries.