With Iraq having 105 billion barrels, are the remaining global oil reserves sufficient to meet deman

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Economy News - Follow-up
[rtl]Global recoverable oil reserves were little changed at the end of 2023, amid concerns that these resources will not be sufficient to support future demand.[/rtl]
[rtl]Global oil reserves reached 1.536 trillion barrels by the end of 2023, down 52 billion barrels compared to the previous year's estimates, according to a recent report.[/rtl]
[rtl]This reduction in the size of the world’s recoverable oil reserves is attributed to the production of about 30 billion barrels of these resources during 2023, and downward adjustments to the resources of recent discoveries amounting to 22 billion barrels.[/rtl]
[rtl]Oil reserves have been affected by a decline in exploration activities in recent years, amid fears of a decline in demand for oil, a trend that has been met with significant warnings and criticism as global consumption continues to reach record levels year after year.[/rtl]

[rtl]Current resources are insufficient.[/rtl]

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[rtl]Total remaining recoverable oil reserves set a ceiling on how much oil can be produced over the next 100 years or more, according to a report by energy research firm Rystad Energy.[/rtl]
[rtl]However, this production ceiling will only be realistic if the energy transition does not affect oil demand, leading to oil prices rising significantly above $100 per barrel.[/rtl]
[rtl]Under this hypothetical high price scenario, oil production would peak in 2035 at 120 million barrels per day, before falling to 85 million by 2050.[/rtl]
[rtl]In a more realistic forecast for oil production, total production will peak in 2030 at 108 million barrels per day, then decline to 55 million in 2050, with oil prices remaining at $50 per barrel in real terms.[/rtl]
[rtl]The world's remaining oil reserves (1.5 trillion barrels) are not enough to meet growing demand without a rapid transition to electric cars, and efforts to curb oil supplies will have little impact on limiting global warming, says Magnus Nysveen, head of analysis at Rystad Energy.[/rtl]
[rtl]The only viable solution to keeping global temperatures below 2 degrees Celsius is to accelerate the electrification of land transport, not to limit oil supplies, Nysveen said.[/rtl]
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[rtl]Actual and declared world oil reserves[/rtl]

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[rtl]Rystad Energy noted that the most significant downward revisions to recoverable oil reserves came from Saudi Arabia, where the focus shifted from investment in offshore expansions to prioritising onshore drilling development.[/rtl]
[rtl]In contrast, Argentina saw its reserves increase by 4 billion barrels, attributed to lower risks associated with shale oil projects in the Vaca Muerta field.[/rtl]
[rtl]According to Rystad Energy, OPEC member countries hold 657 billion barrels of recoverable oil, representing 40% of total global reserves.[/rtl]
[rtl]The report stated that OPEC countries’ oil reserves are much lower than the officially announced reserves of 1.215 trillion barrels, as recorded by OPEC in the BP Statistical Review, published by the British Energy Institute, noting that these official figures may be exaggerated by almost twofold, with most of the exaggeration coming from Venezuela, Iran, Libya and Kuwait.[/rtl]
[rtl]While Canada is the only OECD country that appears to be overestimating its oil reserves, the majority of its resources come from oil sands, which will likely remain stranded due to high development costs.[/rtl]
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[rtl]Countries with the largest oil reserves[/rtl]

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[rtl]The ranking of countries with the largest recoverable oil reserves remained unchanged in 2023, with Saudi Arabia retaining the top spot, at around 247 billion barrels, according to Rystad Energy. This is in contrast to many other research institutions, which put Venezuela in first place, but Rystad believes that Venezuela’s resources are greatly exaggerated.[/rtl]
[rtl]In second place came the United States with 156 billion barrels, followed by Russia, Canada and Iraq, with oil reserves of 143, 122 and 105 billion barrels respectively.[/rtl]
[rtl]In contrast to other regions, Latin America has performed relatively well, with Brazil, Mexico, Argentina, Guyana and Venezuela seeing either relative stability or slight growth in their oil reserves.[/rtl]
[rtl]According to the report, the world's proven oil reserves amount to 449 billion barrels according to recognized industry standards, according to what the Energy Research Unit has seen.[/rtl]
[rtl]This figure represents the minimum remaining oil reserves if no new development projects are approved and all current exploration activities cease.[/rtl][/size]

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Added 07/28/2024 - 9:58 AM
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