Whats an oil reserve anyway? Let’s say the oil is there but you cannot economically get it. Like deep offshore Arctic, or extremely heavy oils, or super sour, or the water cut goes ballistic like in Saudi Arabia’s legacy fields. I think OPEC (and some non-OPEC countries) delude themselves and their leaders don’t even have a good idea anymore what game they hold in their hands. The world will wake up when prices start to soar again – but this time it will do something. And I don’t mean running for Tesla with that.
How much oil does the world have left? This has been one of the most pressing energy questions confronting us for decades. Petroleum, after all, is the world’s most critical source of energy and currently remains irreplaceable because it has no large-scale substitute. Yet, oil is a finite commodity, a non-renewable resource that is sure to “one day run out.” As such, analyzing the future availability of oil will remain central to our energy-environment discussion.