The world still has enough proven oil reserves to provide 40 years of consumption at current rates
The world still has enough proven oil reserves to provide 40 years of consumption at current rates, in spite of a small fall last year, according to the BP Statistical Review of World Energy.
The BP publication, one of the industry's standard reference sources, also shows that global energy use has grown much faster and created more carbon dioxide emissions in the past five years than in the second half of the 1990s, despite the steep rise in the prices of oil and natural gas.
Since the 1980s, proven reserves have been sufficient to cover four decades of production at then-current rates. Over that period the expected end of oil has been put back from the 2020s to the late 2040s.
The BP review also shows that the world's proven reserves of natural gas rose slightly, and are enough to provide more than 60 years of current consumption.