Mumbai, July 18 -- The US Energy Information Administration or EIA stated in a latest update the US proved reserves of crude oil and lease condensate totaled 46 billion barrels at year-end 2023, a 4% decline from the previous year's record, according to our US Crude Oil and Natural Gas Proved Reserves, Year-End 2023 report. US proved reserves of natural gas fell to 604 trillion cubic feet, a 13% decline from their 2022 record. Both declines marked the first annual decrease in US proved reserves for those fuels since 2020.
Proved reserves are operator estimates of the volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in the future from known reservoirs under existing ...