How Much Oil Is Left On Earth?
Around the world, over 34 billion barrels of oil are used every year. At this rate of consumption, how much oil do we have left?
The Organization for Petroleum Exporting Countries reports that there are 1.5 trillion barrels of crude oil reserves left in the world. These are proven reserves that are still capable of being extracted by commercial drilling. That figure (which is wildly debated) may seem like a lot (or maybe not), but consumption rates are growing year by year. The International Energy Agency says that the world uses 34 billion barrels of crude every year. The bottom line is that crude oil is a non-renewable resource. So, regardless of the exact quantity, the fact remains that the supply is dwindling more and more every day.
The world has 53.3 years of oil left (usatoday.com)
"BP (ticker BP ) has provided an intriguing update to its global oil reserves estimate in the company's latest yearly review of energy statistics."
OPEC share of world crude oil reserves, 2014 (opec.org)
"According to current estimates, more than 80% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to around 66% of the OPEC total."
China Peak Oil: 2015 Is the Year (thediplomat.com)
"Intense focus on the North American shale boom, Saudi Arabia, and ISIS obscures an important emerging energy trend: China's oil production is peaking."
PDVSA says Venezuela oil exports at 2.4-2.5 million barrels per day (reuters.com)
"OPEC member Venezuela is currently exporting between 2.4-2.5 million barrels per day from national crude production of around 2.85 million, the head of state oil company PDVSA said."