According to OPEC, the Organization of Petroleum Exporting Countries, “At the end of 2008, world proven crude oil reserves stood at 1,295,085 million barrels”. The proven oil reserves is the amount of oil we are certain exists in known oil fields. Oil companies are constantly exploring for more oil fields, so it is likely that there is a lot more oil than the proven reserves. Thanks to the Arctic sea ice melting away, new oil fields will be uncovered in the future. Only time will tell if they will be drilled or ignored and how much oil may lie there.
Using current oil consumption rates, there is only enough oil to last for the next 50 years. A BP official says that there is 1.15 trillion barrels of oil left in the world to be produced, narrowing the time range to 41 more years. Considering oil reserves, the number increases to 67 years left of oil consumption.
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