• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 12 minutes The Plastics Problem
  • 23 mins SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 30 mins To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 4 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 3 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 3 hours IMO 2020
  • 14 hours Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 5 hours EIA reports 12 mm bbls Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 4 hours Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 3 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 19 mins On the hobby side of things
  • 14 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 16 hours Cap and trade: What could Oregon’s carbon policy cost you?
Alt Text

China’s Risky Move To Boost Domestic Oil Production

China’s increasing foreign oil imports…

Alt Text

Bullish EIA Data Pushes Oil Prices Higher

After two consecutive weeks of…

Alt Text

OPEC’s No.2 Steps In To Replace Lost Iranian Oil

Iraq, OPEC’s no.2 oil producer…

Al Fin

Al Fin

Al Fin runs a number of very successful blogs that cover, energy, technology, news and politics.

More Info

Premium Content

Global Oil Reserves Increase by 6.6 Billion Barrels in 2010

In the absence of replenishment by successful exploration or reserves growth, so-called 'reserves replacement', proved reserves would tend to decline over time as production depleted the existing reserve base. However, the tendency has been for proved reserves at the aggregate level to increase over time as reported discoveries, extensions and improved recovery have exceeded production.

Global oil reserves rose by 6.6 billion bbls to 1,383 billion bbls in 2010. That represents an increase of 25% over the 2000 figure of 1,105 billion bbls, despite an estimated cumulative production of 318 billion bbls during the intervening ten years. Thus global reserves additions amounted to around 596 billion bbls between 2000 and 2010. _BP Statistical Review of World Energy

As oil prices continue to trend higher, more resources will be devoted to exploration, discovery, and production of new reserves. In addition, more work will continue to be put toward substitution of alternative synthetic liquid fuels in place of conventional petro-fuels.

Something that peak oil doomers need to ask themselves: "If oil production hasn't crashed under the Obama energy starvation regime, under the lax maintenance and production regimes of Russian, Venezuelan, and Iranian national oil companies, and under the general incompetence and corruption of state oil companies around the world -- what will it take to crash global oil production far enough to bring about the collapse?"

The world is floating in hydrocarbons of all kinds. The only shortages in the human world are the shortages of human ingenuity and human will.

By. Al Fin




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Anonymous on June 12 2011 said:
    I noticed this article on '321 Energy', and had it been possible I would have written and announced that it is completely without any scientific value. Why is that? Well, if you don't know you won't find out from me unless some money changes hands. Besides, where energy is concerned, I prefer putting people down because of their ignorance of nuclear.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News