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At end-2001 world proven crude oil reserves stood at 1,074,850 million barrels.
Total world oil demand in 2000 is put at 76 million barrels per day.
As world economic growth continues, crude oil demand will also rise to 90.6m b/d in 2010 and 103.2m b/d by 2020, according to the OWEM reference case figures.
OPEC's oil reserves are sufficient to last another 80 years at the current rate of production, while non-OPEC oil producers' reserves might last less than 20 years.
Originally posted by Variable
Ahh yes, the world will soon run out of oil. Perhaps your right and the poor ignorant clods running OPEC have completely miscalculated their resources, but thanks to you they are now aware of their mistake. You have emailed your findings to OPEC havn't you?
Variable
Originally posted by TenPin
76 million * 365 days = 27.74 billion barrels per year
1,074,850 million barrels / 27.74 billion barrels = 38.74 years from 2001.
I'm inclined to think that they haven't done their math.
Originally posted by AceOfBase
Originally posted by TenPin
76 million * 365 days = 27.74 billion barrels per year
1,074,850 million barrels / 27.74 billion barrels = 38.74 years from 2001.
I'm inclined to think that they haven't done their math.
If they keep going at their current output levels, it will last more than 80 years.
They have 845,421 million barrels in Opec reserves.
If they export 28 million barrels a day it will last 82.72 years.
845,421 / 28 = 30193.61
30193.61 / 365 = 82.72 years.
28 million is actually more than they usually export per year.
[Edited on 25-4-2004 by AceOfBase]