2008 proven oil reserves supply 52 years of consumption in 1995, 45 in 2000, 43 in 2005, 41 in 2010, 34 in 2020, 29 in 2030, 25 in 2040 and 21 in 2050.

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

 

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