Global Oil Crisis: How much oil is left in the world?

The patches of oil trapped between the Earth's layer are finite. It takes millennia of enormous pressure and heat to transform ancient remains into fossil fuels. Economists and geologists are still argumenting when and how we’ll run out —the answer is not a stable target.

Top oil producing countries in 2019:

  • USA: 360 million barrels/month
  • Saudi Arabia: 336 million barrels/month
  • Russia: 333 million barrels/month
  • Iraq: 120 million barrels/month
  • Iran: 117 million barrels/month
  • China: 116 million barrels/month
  • Canada: 111 million barrels/month
  • UAE: 90 million barrels/month
  • Kuwait: 90 million barrels/month
  • Brazil: 75 million barrels/month

Proven reserves are up to 35.2 Billion oil barrels. Oil companies measure reserves based on how likely they are going to get them. Proven reserves are those they already have the analysis of geologic, engineering data, technology, facilities & infrastructure to extract. Though the rate at which they find new troves has slowed down, modern technology allows for locating and tapping into hydrocarbons that were out of reach decades ago.

Probable reserves are measured up to 249 billion oil Barrels. These deposits could be in locations far away or in rock too solid to drill. These oil might be highly sticky and hard to budge without thermal or chemical stimulation. Corporations might get them in near future if new technology, innovation and barrel prices permit.