Proved reserves estimated at 1.1 to 1.3 trillion barrels can satisfy 42.5 years of world oil production in 2008. In spite of more efficient use of oil, reserves/years of oil are fast decreasing as shown by the curve. This may mean that, in just a few decades, mankind must be ready to suck energy from some alternative sources or, alternatively, to find a way to live happily in a low-energy consumption lifestyle (see Oil prices up & reserves down).
Likely Lifespan of Currently Proven World Oil Reserves | |||
Year |
World Production |
Nbr. Years Supply |
|
(Million Barrels per Year) | |||
1994 | 25,035 | 53 | |
1995 | 25,649 | 52 | |
1996 | 26,251 | 51 | |
1997 | 27,068 | 49 | |
1998 | 27,612 | 48 | |
1999 | 27,317 | 49 | |
2000 | 28,382 | 47 | |
2001 | 28,353 | 47 | |
2002 | 28,101 | 47 | |
2003 | 29,054 | 46 | |
2004 | 30,335 | 44 | |
2005 | 30,872 | 43 | |
2006 | 30,850 | 43 | |
2007 | 30,806 | 43 | |
2008 | 31,346 | 42 | |
2009 | 31,678 | 42 | |
Proven Reserves 2009: ± 1,331,699 million barrels |
Sources: see Sources of data