21 Jun 2012 The first graph shows that despite the growth in oil production over the years, reserves continue to grow. Over the past 30 years, 90% of the  World Super Giant oil field distribution pie chart by continent. World oil reserves by continent over time · World gas reserves -distribution by continent - pie chart. There is hardly any change in the reported reserve figures over the one- year period, as the numbers seem to be carried forward for many countries, including  

Peak oil is the theorized point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline. As of 2019 peak oil forecasts range from the early 2020s to the 2040s, depending on economics and how governments respond to global warming. Global Metrics. U.S. Crude Oil Reserves - 110 Year Historical Chart. Interactive historical chart showing the annual level of U.S. crude oil reserves back to 1900 from the US Energy Information Adminstration (EIA). Values shown are in millions of barrels. Proved reserves back then stood at only 684 billion barrels, so clearly we found some more in the meantime. Quite a lot more, in fact: Reserves at the end of 2018 were 1.73 trillion barrels. The ratio of reserves to production – how much oil is left at current rates of output – rose from less than 30 years to 50 years. Crude oil is expected to trade at 31.29 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 26.91 in 12 months time.

In 2018, there were 1.73 trillion barrels of oil in the world. That's enough to last another 50 years since the world uses 95 million barrels per day. Only proven reserves are counted in the total world reserves. This number changes only slightly every year.

With 300,878 million barrels of proven reserves, Venezuela has the largest amount of proven oil reserves in the world. The country's oil is a relatively new discovery. Previously, Saudi Arabia had always held the number one position. Proved oil reserves at the end of 2008 are estimated to have been 1258.0 thousand million (billion) barrels. That represented an increase of 17.7% over the 1997 figure of 1068.5 billion barrels, despite estimated cumulative production of 290 billion barrels during the intervening ten years, On a global basis, Rystad estimates that the world has about 2,092 billion barrels of reserves, or about 70 years’ worth of oil at today’s production rate of 30 billion barrels per year. U.S. crude oil and lease condensate proved reserves increased by 6.8 billion barrels (19.2%) in 2017, as the combination of total discoveries of 5.7 billion barrels and net revisions, net acquisitions, and adjustments totaling 4.5 billion barrels exceeded 2017 annual production of 3.4 billion barrels (Figure 9a). Note that the original data set does not consider all the countries of the world. For some countries, values are missing for a certain time period (e.g. for Russia/former UDSSR). "Production" includes crude oil, shale oil, oil sands and NLGs, "consumption" also includes fuel ethanol and biodiesel, refinery fuel and loss.

The incidence of reserves additions, however, seems to have little correlation with the changing condition of the global oil industry over the period. For example  

Crude oil is expected to trade at 31.29 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 26.91 in 12 months time. On a global basis, Rystad estimates that the world has about 2,092 billion barrels of reserves, or about 70 years’ worth of oil at today’s production rate of 30 billion barrels per year. With over 298 bbl of proven reserves, Venezuela is recognized as the country with the highest volume of proven oil reserves in the world today. This has been a rather recent distinction as, until the turn of the last decade, Saudi Arabia held that place by quite some distance. As a result of the outcome of the March 6 OPEC meeting, EIA’s forecast assumes that OPEC will target market share instead of a balanced global oil market. EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020.

World Super Giant oil field distribution pie chart by continent. World oil reserves by continent over time · World gas reserves -distribution by continent - pie chart.

Note that the original data set does not consider all the countries of the world. For some countries, values are missing for a certain time period (e.g. for Russia/former UDSSR). "Production" includes crude oil, shale oil, oil sands and NLGs, "consumption" also includes fuel ethanol and biodiesel, refinery fuel and loss. Global demand for crude oil (including biofuels) in 2018 amounted to 99.2 million barrels per day and is projected to increase to 100.6 million barrels per day in 2019. When compared to the daily oil demand of 86.4 million barrels in 2010, the increasing demand trajectory is clear. Peak oil is the theorized point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline. As of 2019 peak oil forecasts range from the early 2020s to the 2040s, depending on economics and how governments respond to global warming. Global Metrics. U.S. Crude Oil Reserves - 110 Year Historical Chart. Interactive historical chart showing the annual level of U.S. crude oil reserves back to 1900 from the US Energy Information Adminstration (EIA). Values shown are in millions of barrels. Proved reserves back then stood at only 684 billion barrels, so clearly we found some more in the meantime. Quite a lot more, in fact: Reserves at the end of 2018 were 1.73 trillion barrels. The ratio of reserves to production – how much oil is left at current rates of output – rose from less than 30 years to 50 years.

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5 Jul 2016 The U.S. moves into first place in oil reserves, a global study says. Poring over data from more than 60,000 oil fields across the globe, the Rystad But at the same time, the hard times have forced companies to find more  You can change your choice at any time by clicking on the "Cookies settings" link, in the footer of our website. I accept. Show PurposesAdvertising partnersCookies   21 Jun 2012 The first graph shows that despite the growth in oil production over the years, reserves continue to grow. Over the past 30 years, 90% of the  World Super Giant oil field distribution pie chart by continent. World oil reserves by continent over time · World gas reserves -distribution by continent - pie chart. There is hardly any change in the reported reserve figures over the one- year period, as the numbers seem to be carried forward for many countries, including   18 Aug 2004 Dire effects on world oil prices, the welfare of mankind in general, and the The above facts prompted the Energy Information Administration (EIA) reserves that would be added within a 30 year time frame because, in part, 

From 1980 through 1993, new reserves created were 17.2 billion barrels per year , and tended to increase over time. Since real prices fell over 70 percent through   21 Apr 2005 If he is correct, then global oil production can be expected to decline steadily at "The world holds enough proved reserves for 40 years of supply and at over time", partly to boost their share prices with "good news" results. 4 Jul 2016 The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn  9 Dec 2014 The EIA publishes Annually a list of World Proved Reserves of Crude Oil. be well over 60% if it were not for the recent additions to world reserves by 80s as proof that we are finding massive amounts of new oil all the time. 6 Jul 2016 Other public sources of global oil reserves, like the BP Statistical Review, are based on official Over at Reuters, John Kemp uses the data to take a look at Saudi Arabia, long thought to have a You can opt-out at any time. 24 Jun 2011 The total amount of oil to be released — 60 million barrels over the next 30 days about two-thirds of a single day's global oil consumption. Join over 11,000 people learning about the oil and gas industry with our free Oil A half-ton of coal produced four times as much energy as the same amount of This chart, OPEC Share of World Crude Reserves, illustrates the breadth and