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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.
Mark the date on your calendars: Aug. 28, 2018. That's when Saudi Arabia goes broke. Or at least that's the date according to one model of the oil-rich nation's reserves, crude production and the price of oil.If crude stays around $40, America's Middle Eastern ally will run out of money on that date.orld drowns in oil as producers slug it out. âº. But with crude oil selling for around $40 a barrel, it would run out of cash reserves long before that. According to the Big Crunch's model, Saudi Arabia could burn through its entire $655 billion currency reserves by the end of 2018 if oil prices don't rise.