Below is what I have found. You can do the math
Globally, crude's reserves-to-production ratio has hovered between 40-55 years. The 1P estimate is an estimate of proven reserves, what is likely to be extracted from a well, 90% probability. Probable reserves are given 50% certainty (2P) and possible reserves a 10% certainty (3P).
Overall, global supply fell by 720,000 barrels per day in August, .2017
our forecast horizon we will be in a 104 mb/d market and the call on OPEC crude and stock change rises from 32.2 mb/d in 2016 to 35.8 mb/d in 2022. With the group forecast to add 1.95 mb/d to production capacity in this period, this implies that available spare production capacity will fall below 2 mb/d.
For decades now, the topic of when our oil will run out has been the focus of analysts and industry experts. The concern is real. Oil is a resource and will eventually be depleted. Once we discover and process all sources, there’s nothing else. It’s only a question of time.
Oil still remains the largest source of primary energy worldwide. According to the U.S. Energy Information Administration, the global supply of oil, bio-fuel and liquid hydrocarbons are still enough to meet the global demand for liquid fuels for another 25 years. The good news is that developing countries are now seriously exploring and using alternative and renewable energy.
Here’s the latest report on Oil Consumption and Demand.
1. The world oil consumption per day is 91.7 million barrels as of May 2014.
2. The U.S. is the largest oil consumer in the world, using up 18.83 million barrels a day.
3. China uses 10% of the world’s oil. It is expected to overtake the U.S. as the largest oil consumer.
4. The global oil demand is expected to increase by 1.3 million barrels a day by late 2014.
North Sea is running too dry to meet target
Wednesday July 4, 2007
The real casus belli: peak oil
Tuesday June 26, 2007
Science Panel Finds Fault With Estimates of Coal Supply
Published: June 21, 2007 http://www.nytimes.com/2007/06/21/business/21coal.
Chevron announces that they now have 11.8 years of oil left at current production levels after aquiring Unocal reserves
An Oil Enigma: Production Falls Even as Reserves Rise
Published: June 12, 2004
In January 2001, the U.S.
Department of Energy estimated the world's supply of unexploited oil reserves the world supply of oil will be totally exhausted 35 years from now (June 2003).
Thursday, October 2, 2003 Posted: 1245 GMT ( 8:45 PM HKT)
Published: May 7, 2004
The question, instead, is when the trend in oil prices will turn decisively upward. That upward turn is inevitable as a growing world economy confronts a resource in limited supply. But when will it happen? Maybe it already has.
Natural gas markets undergo turbulent transition as domestic production declines
Tuesday, December 16, 2003
Published: April 8, 2004
Half of Texas’s oil wells have dried up in the past 40 years and there are very few new ones.
Tight Oil Supply Won't Ease Soon
Published: May 16, 2004
Two dollars for a gallon of gas? Get used to it. High fuel prices are here to stay, at least for the near future, because no relief is in sight for tight oil supplies.
I think it is time for us to look around at other countries who see the end of oil around the corner----&-----work with the rest of us to find a solution?
I think it is time for us to look around at other countries who see the end of oil around the corner----------------
China is the world's leading country in electricity production from renewable energy sources, with over double the generation of the second-ranking country, the United States. In 2013 the country had a total capacity of 378 GW of renewable power, mainly from hydroelectric and wind power. China's renewable energy sector is growing faster than its fossil fuels and nuclear power capacity.
Although China currently has the world's largest installed capacity of hydro, solar and wind power, its energy needs are so large that in 2013 renewables provided just a little over 20% of its power generation, with most of the remainder provided by traditional coal power facilities. Nevertheless, the share of renewable sources in the energy mix had been gradually rising from 2013.
China sees renewables as a source of energy security and not just only to reduce carbon emission.China’s Action Plan for the Prevention and Control of Air Pollution issued by China’s State Council in September 2013, illustrates the government's desire to increase the share of renewables in China’s energy mix. Unlike oil, coal and gas, the supplies of which are finite and subject to geopolitical tensions, renewable energy systems can be built and used wherever there is sufficient water, wind, and sun.
As Chinese renewable manufacturing has grown, the costs of renewable energy technologies have dropped dramatically. Innovation has helped, but the main driver of reduced costs has been market expansion. In 2015 China became the world's largest producer of photovoltaic power, with 43 GW of total installed capacity. From 2005 to 2014, production of solar cells in China has expanded 100-fold.