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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.
US oil reserves surpass those of Saudi Arabia and Russia. The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world's biggest exporting nations, according to a new study. Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels.