We have seen the new perspectives from the nations of OPEC that includes Saudi Arabia, Venezuela, Iraq, and Iran. They believe that oil reserve figures are decreasing, and people from all across the globe are entering in the worldwide paranoia due to this particular reason.
The central fact that you should remember is that eventually, we will run of it. Maybe we will not see that happening, but in some moment it will be gone, similarly as water, as some people assume.
So it doesn’t matter whether you wish to enter the oil rig business to or to start enjoying in offshore oil rig living quarters because, in theory, it is possible for complete oil depletion, but we cannot presume anything.
It took more than 10 million years in combination with the mass extinction of dinosaurs and specific geological processes to create crude oil which means that it is a nonrenewable resource. But it is almost impossible to determine when we are going to run of it since we cannot determine how much we have left.
BP has stated, for instance, that there is plenty of oil left, and Statistical Review of World Energy published a report that states that proved reserves are at least 1,238 billion barrels. We are talking here about proved reserves, and that is approximately 40 years of oil supply if we use the oil directly from the reserve.
They also stated that organizations such as OPEC create public opinion that reserves are depleting when in truth that is happening with their reserves. The entire world’s source is not limited to a few countries, even though they are holding the most significant amount of reserves in the world currently.
As we’ve mentioned above, it is difficult to measure when the complete depletion happens. Numerous oil sources are still not discovered and exploited, and we can only assume how many there are in the world.
What Will Happen?
The theory that we are talking about here is the nonstop topic that is going on all around us, and that is that Earth oil reserves reached their peak point. The presumptions state that we have to create an industry which is not so dependable on a limited resource.
Since the demand is increasing and the overpopulation will lead us to a point where we won’t have enough oil for the general consumption. The basis of this particular theory started by geologists that created a graph which presented the trajectory of oil reservoirs from discovery to depletion.
So based on the graph, at some point, it has to reach the production plateau, which will cause the production to decline and it means that we’ve entered the peak of oil production and that we are falling right now.
We can all agree that oil is the lifeblood of the modern world, and it creates everything around us from industry to transportation. Naturally, we are going to drain the oil from the earth, but before the gradual downfall starts, we will enter the point known as peak oil.
It represents the last and the highest amount of oil that we are going to deplete until it will reach the point of decline and start going downside. For instance, the USA production peaked in 1971, and since then it was in fall, and we can mention numerous examples all across the world.
Global oil production reached the plateau in 2005, and some analysts state that it already entered the falling mode, but others predict that the peak will be somewhere between now and 2020. Check this link: https://en.wikipedia.org/wiki/Peak_oil to see what peak oil represents.
Cambridge Energy Research Associates stated that more than 3.74 trillion barrels remain on the Earth, which is three times more than estimated by other organizations. They think that the production will reach the plateau and enter the decline in the middle of the 21st century.
The question is what happens next. We are wondering whether the industry and consuming world around us will change the affinities and use other fuels and energy sources to get everything and even more efficient production than before.
We will decrease the reliance on fossil fuels, use alternative energy sources as well as renewable biofuels that won’t deplete. That would be great for both population and politics on a global basis and main stabilizing factor that will help all sides get together.