World Oil Production - OzChess

**Euro-Chess** · 06-20-2008, 12:55 PM

1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble?

posted on: June 12, 2008

That's 1.238 trillion barrels of known oil reserves, or 1,238,000,000,000 barrels. And reserves have actually been growing, by 107.8 billion barrels since 2001, and 168.5 billion barrels, or 14%, over the last decade. Global reserves have risen by 36% since 1987 (map/chart above shows how the 1.23 trillion barrels of oil reserves are distributed globally).

These stats are from the "Statistical Review of World Energy 2008," released yesterday by BP (BP), and reported by The Economist:

"We're not running out of hydrocarbons,” insists Tony Hayward, the boss of BP, one of the world’s biggest oil firms. To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy," released today.

Enough oil has already been discovered around the world, Hayward says, to maintain consumption at current levels for another 42 years. As he put it, humanity has guzzled through 1 trillion barrels, but has its next trillion already lined up, and could probably unearth a third trillion if it really applied itself.

Why then, are oil prices hovering over $130 a barrel?

Mr. Hayward blames poor policy-making or, in his florid phrase, “the madness of men." Some 80% of the world’s oil reserves, he says, are in the hands of state-owned oil firms, which tend to allow firms like his only limited access. He believes that if these riches were fully exploited, the world could easily produce 100m barrels a day or more, a big increase on last year’s figure of 82m barrels per day.

Total global oil demand increased by only 1.1% in both 2006 and 2007, roughly the same rate as the increase in world population, and about half the 2.03% average annual growth in oil demand during the 2002-2005 period.

What's going on?

**Noddy** · 06-26-2008, 11:16 AM

Originally Posted by Euro-Chess

1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble?

posted on: June 12, 2008

That's 1.238 trillion barrels of known oil reserves, or 1,238,000,000,000 barrels. And reserves have actually been growing, by 107.8 billion barrels since 2001, and 168.5 billion barrels, or 14%, over the last decade. Global reserves have risen by 36% since 1987 (map/chart above shows how the 1.23 trillion barrels of oil reserves are distributed globally).

These stats are from the "Statistical Review of World Energy 2008," released yesterday by BP (BP), and reported by The Economist:

"We're not running out of hydrocarbons,” insists Tony Hayward, the boss of BP, one of the world’s biggest oil firms. To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy," released today.

Enough oil has already been discovered around the world, Hayward says, to maintain consumption at current levels for another 42 years. As he put it, humanity has guzzled through 1 trillion barrels, but has its next trillion already lined up, and could probably unearth a third trillion if it really applied itself.

Why then, are oil prices hovering over $130 a barrel?

Mr. Hayward blames poor policy-making or, in his florid phrase, “the madness of men." Some 80% of the world’s oil reserves, he says, are in the hands of state-owned oil firms, which tend to allow firms like his only limited access. He believes that if these riches were fully exploited, the world could easily produce 100m barrels a day or more, a big increase on last year’s figure of 82m barrels per day.

Total global oil demand increased by only 1.1% in both 2006 and 2007, roughly the same rate as the increase in world population, and about half the 2.03% average annual growth in oil demand during the 2002-2005 period.

What's going on?

If people can afford to take their car everywhere, why shouldn't they pay?
Whoever wants to ride the car alone to work even though mass transit/ carpooling is a viable option, should certainly be able to do so. Just don't whinge about the high petrol prices then.

For example, even after the recent petrol cost rises, my transit costs have gone up by a only an amount of $5.00 a month, although the number of additional passengers has greatly increased.

However, I still have some colleagues who insist on riding their car to work. I have no sympathy for them when they complain about high prices to fill their cars.

**Chessic-Adventures** · 06-28-2008, 08:50 PM

Its a bit stupid no one wants to regulate petrol prices, but I think politically that may be the best idea because then everyone will get used to the idea of a stable price.

**Fischer-Fan** · 07-06-2008, 02:00 PM

i do not believe that oil prices will come down.

but if it does, there should not be any slackness on the part of governments. solar and wind power should be tapped and massive government tax-breaks given to companies producing hybrid cars.

any ideas on how to tackle this long-term crisis?

06-20-2008, 12:55 PM	#1 (permalink)
Euro-Chess Senior Member Join Date: Aug 2007 Location: Sydney, NSW Posts: 127	World Oil Production 1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble? posted on: June 12, 2008 That's 1.238 trillion barrels of known oil reserves, or 1,238,000,000,000 barrels. And reserves have actually been growing, by 107.8 billion barrels since 2001, and 168.5 billion barrels, or 14%, over the last decade. Global reserves have risen by 36% since 1987 (map/chart above shows how the 1.23 trillion barrels of oil reserves are distributed globally). These stats are from the "Statistical Review of World Energy 2008," released yesterday by BP (BP), and reported by The Economist: "We're not running out of hydrocarbons,” insists Tony Hayward, the boss of BP, one of the world’s biggest oil firms. To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy," released today. Enough oil has already been discovered around the world, Hayward says, to maintain consumption at current levels for another 42 years. As he put it, humanity has guzzled through 1 trillion barrels, but has its next trillion already lined up, and could probably unearth a third trillion if it really applied itself. Why then, are oil prices hovering over $130 a barrel? Mr. Hayward blames poor policy-making or, in his florid phrase, “the madness of men." Some 80% of the world’s oil reserves, he says, are in the hands of state-owned oil firms, which tend to allow firms like his only limited access. He believes that if these riches were fully exploited, the world could easily produce 100m barrels a day or more, a big increase on last year’s figure of 82m barrels per day. Total global oil demand increased by only 1.1% in both 2006 and 2007, roughly the same rate as the increase in world population, and about half the 2.03% average annual growth in oil demand during the 2002-2005 period. What's going on? __________________ “When you see a good move, look for a better one” - Emanuel Lasker

06-26-2008, 11:16 AM	#2 (permalink)
Noddy Senior Member Join Date: May 2008 Posts: 134	Originally Posted by Euro-Chess 1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble? posted on: June 12, 2008 That's 1.238 trillion barrels of known oil reserves, or 1,238,000,000,000 barrels. And reserves have actually been growing, by 107.8 billion barrels since 2001, and 168.5 billion barrels, or 14%, over the last decade. Global reserves have risen by 36% since 1987 (map/chart above shows how the 1.23 trillion barrels of oil reserves are distributed globally). These stats are from the "Statistical Review of World Energy 2008," released yesterday by BP (BP), and reported by The Economist: "We're not running out of hydrocarbons,” insists Tony Hayward, the boss of BP, one of the world’s biggest oil firms. To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy," released today. Enough oil has already been discovered around the world, Hayward says, to maintain consumption at current levels for another 42 years. As he put it, humanity has guzzled through 1 trillion barrels, but has its next trillion already lined up, and could probably unearth a third trillion if it really applied itself. Why then, are oil prices hovering over $130 a barrel? Mr. Hayward blames poor policy-making or, in his florid phrase, “the madness of men." Some 80% of the world’s oil reserves, he says, are in the hands of state-owned oil firms, which tend to allow firms like his only limited access. He believes that if these riches were fully exploited, the world could easily produce 100m barrels a day or more, a big increase on last year’s figure of 82m barrels per day. Total global oil demand increased by only 1.1% in both 2006 and 2007, roughly the same rate as the increase in world population, and about half the 2.03% average annual growth in oil demand during the 2002-2005 period. What's going on? If people can afford to take their car everywhere, why shouldn't they pay? Whoever wants to ride the car alone to work even though mass transit/ carpooling is a viable option, should certainly be able to do so. Just don't whinge about the high petrol prices then. For example, even after the recent petrol cost rises, my transit costs have gone up by a only an amount of $5.00 a month, although the number of additional passengers has greatly increased. However, I still have some colleagues who insist on riding their car to work. I have no sympathy for them when they complain about high prices to fill their cars.

07-06-2008, 02:00 PM	#4 (permalink)
Fischer-Fan Senior Member Join Date: Jul 2007 Location: Perth Posts: 147	i do not believe that oil prices will come down. but if it does, there should not be any slackness on the part of governments. solar and wind power should be tapped and massive government tax-breaks given to companies producing hybrid cars. any ideas on how to tackle this long-term crisis? __________________ Patzer see check, patzer give check! - Bobby Fischer

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06-28-2008, 08:50 PM	#3 (permalink)
Chessic-Adventures Senior Member Join Date: Sep 2007 Location: Sydney Posts: 204	Its a bit stupid no one wants to regulate petrol prices, but I think politically that may be the best idea because then everyone will get used to the idea of a stable price.