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Globally - every year we currently consume the equivalent of over 11 billion tonnes of oil in fossil fuels. Crude oil reserves are vanishing at the rate of 4 billion tonnes a year1 â if we carry on at this rate without any increase for our growing population or aspirations, our known oil deposits will be gone by 2052. Weâll still have gas left, and coal too.
Some oil analysts believe that Ghawar passed its peak perhaps a decade ago, but Saudi Arabiaâs infamous lack of transparency keeps everyone guessing. Nevertheless, it remains the worldâs largest oil field, both in terms of reserves and production. It continues to produce 5 million barrels per day (bpd). 2. Burgan (Kuwait) Just behind Ghawar is another massive oil field located in the Middle East.