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Q: Oil reserves ( Answered 4 out of 5 stars,   1 Comment )
Subject: Oil reserves
Category: Science > Earth Sciences
Asked by: marinibug-ga
List Price: $20.00
Posted: 05 Aug 2006 17:44 PDT
Expires: 04 Sep 2006 17:44 PDT
Question ID: 752966
What are the world's total oil reserves?
Subject: Re: Oil reserves
Answered By: bobbie7-ga on 05 Aug 2006 18:17 PDT
Rated:4 out of 5 stars
Hello Marinibug,

According to the Energy Information Administration's International
Energy Outlook 2006, the world's total oil reserves are estimated at
1,293 billion barrels.

?As of January 1, 2006, proved world oil reserves, as reported by Oil
& Gas Journal, were estimated at 1,293 billion barrels?15 billion
barrels (about 1 percent) higher than the estimate for 2005?

Release Date: June 2006
International Energy Outlook 2006

See Figure 28
World?s Crude Oil Reserves, 1980-2006

Download data in EXCEL

See Table 4
Estimated World Oil Resources, 1995-2025

Search terms:
World?s total oil reserves billion barrels

I hope the information provided is helpful!

Best regards,

Request for Answer Clarification by marinibug-ga on 05 Aug 2006 18:27 PDT
Does that mean that at current consumption levels (approx. 100 million
barrels per year) the world will run out of oil in about 32 years?

Clarification of Answer by bobbie7-ga on 05 Aug 2006 19:37 PDT
This article might interest you.

Clarification of Answer by bobbie7-ga on 05 Aug 2006 19:45 PDT
Despite Daunting Finding and Production Challenges, World Will Not Run
Out of Oil Anytime Soon: CERA,2318,7176,00.html

What is the future of world oil production?

This site provides a general introduction to the peak oil debate by
providing an overview of five general scenarios for the future of oil
marinibug-ga rated this answer:4 out of 5 stars
Very helpful - thanks.

Subject: Re: Oil reserves
From: jack_of_few_trades-ga on 07 Aug 2006 05:32 PDT
Also note that it is in the best interest of oil producing countries
to make it seem like oil is running low.  If Saudi Arabia pours a lot
of money into finding more oil under their desert and then they
release their findings then the price of oil will fall to some
degree... then Saudi Arabia would make less money selling their oil. 
So there is likely more oil around than oil rich countries would like
us to believe.

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