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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.
Rystadâs analysis includes oil in proven, existing fields, oil that has been discovered and will probably be recoverable, as well as an estimate for recoverable oil in as-yet discovered oil fields. More than 50% of the United States oil reserves come in the form of âunconventional shale oil,â with Texas alone containing 60 million barrels of this type of fossil fuel. When Rystad applies more conservative estimates of proven oil reserves, the United States falls to fourth place, behind Saudi Arabia, Russia, and Iran with just 29 billion barrels of proved reserves.