Just how much oil is there, and when will the world begin to run out of it (if ever)? Part of the problem answering that question is the amount of known oil in the world keeps increasing, especially in the face of market demand such as the recently relatively high prices for oil.
On December 26, for example, Saudi Arabian oil minister Ali Naimi claimed that his nation could come close to doubling its proven oil reserves over the next few years. Naimi issued a press releasing saying,
There are big chances to increase the kingdom’s produceable oil reserves by 200 billion barrels. This will come either through new discoveries or through increasing production from known deposits.
Currently Saudi Arabia’s proven oil reserves sits at 261 billion barrels. Naimi’s comments came as the country opened new oil fields in eastern Saudi Arabia which Naimi says will allow Saudi Arabia to increase its daily oil production from 11 million barrels/day currently to 12.5 million barrels/day over the next few years.
Sources:
Kingdom Will Meet Oil Needs of Asian Economies: Naimi. ArabNews.Com, January 7, 2005.
Saudi Oil Reserves Could Increase by 77%. Associated Press, December 27, 2004.
Nice replies in return of thіs іssue with firm aгguments аnd desсribing еverything abοut that.
My cousin suggested this website and she was totally right in every
way. keep up your fantastic work!