World Has Tapped Only 18% of Available Oil?

According to an interesting article in the Boston Herald, Abdallah S. Jum’ah, an executive for the Saudi Arabian oil company Aramco, stated that the world has tapped only 18% of the available supply of oil:

“‘The world has only consumed about 18 percent of its conventional potential,’ Jum’ah said, contending that should lay to rest fears that the world is in danger of being tapped out within a few decades.”

Jum’ah believes there is enough oil left in the world to produce 4.5 trillion barrels, which, according to the Herald’s article, would sustain current consumption levels for the next 140 years.

Jum’ah’s statements are in stark contrast to the beliefs of many oil experts, many of whom have stated the world may only be able to sustain current levels of oil consumption for several more decades. 

With populous nations like China and India (combined the two countries account for nearly 2/5ths of the world’s population) becoming more industrialized, the demand for oil will only continue to increase.  According to the Herald’s article, “Rex W. Tillerson, the chairman of Exxon Mobil Corp., said world demand for oil will increase by 50 percent in the next decade.”

If Tillerson’s statements prove to be accurate, we can only hope Jum’ah’s statements are just as accurate.

Comments

  1. Russ VanDelinder says

    If I understand correctly, much of the worlds oil is in the form of tarsands in Canada (and other places as well), which is very difficult to refine; until we find a better method of extracting oil from the tarsands, we wouldnt be able to produce enough oil for the demand now, much less when the demand increases by half.

  2. He’s right. There is lots of oil in the world. Too bad it won’t be cheap. Easily tapped oil is gone.

  3. The more oil burnt, the more greenhouse effect….I don’t see it as a good new.

  4. Landon Lucier says

    The problem with the world’s remainig oil is that one way or another, it is trapped in the ground. In Canada and Russia there is more oil than all the rest of the world combined. Unfortunately it is frozen year round in permafrost.

    Whats left of the Saudi oil is so deep in the ground that they have to pump sea water into the ground to draw the oil to the surface. This causes contamination of the oil driving up the price of refinement as well as leaving vast amounts of contaminated sea water seaping into the natural water table.

  5. jeff bradfield says

    i think we should follow swedens lead, start now with recearch and development and by the time the oil reserves are getting low maybe we can be at a point where it wont matter to us.

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