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BP's new projections show emissions won't go down in 20 years-VI: There will be an abundance of oil & gas reserves and supply
Jan 30:
There is an abundance of oil resources: known resources today dwarf the world’s likely consumption of oil out to 2050 and beyond.
8Global proved oil reserves (the narrowest category of resources) have more than doubled over the past 35 years: for every barrel of oil consumed more than two new barrels have been discovered.
8Technically recoverable oil, a broader category which aims to measure those resources that could be extracted using today’s technology, are estimated to be around 2.6 trillion barrels. Around 1.7 trillion barrels (65%) of those resources are located in the Middle East, CIS and North America.
8This abundance of oil resources contrasts with slowing growth of oil demand. Cumulative oil demand out to 2035 is expected to be around 0.7 trillion barrels, significantly less than recoverable oil in the Middle East alone.
8Looking out further to 2050, under most scenarios cumulative global oil demand amounts to less than half of today’s technically recoverable oil resources.
Click on Reports for more
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8Global proved oil reserves (the narrowest category of resources) have more than doubled over the past 35 years: for every barrel of oil consumed more than two new barrels have been discovered.
8Technically recoverable oil, a broader category which aims to measure those resources that could be extracted using today’s technology, are estimated to be around 2.6 trillion barrels. Around 1.7 trillion barrels (65%) of those resources are located in the Middle East, CIS and North America.
8This abundance of oil resources contrasts with slowing growth of oil demand. Cumulative oil demand out to 2035 is expected to be around 0.7 trillion barrels, significantly less than recoverable oil in the Middle East alone.
8Looking out further to 2050, under most scenarios cumulative global oil demand amounts to less than half of today’s technically recoverable oil resources.
Click on Reports for more
