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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.
Taking a 40% haircut for the kingdomâs overstatement means Saudi Arabiaâs reserves are 160 billion barrels and falling. With U.S. crude oil reserves at 150 billion barrels in 2012 and passing 205 billion barrels in 2016, America again has the largest crude oil reserves in the world.