Global Advanced Research Journal of Management and Business Studies (GARJMBS) ISSN: 2315-5086 January 2014 Vol. 4(1), pp 001-007

Copyright © 2015 Global Advanced Research Journals   

 

Original Research Articles

Is the world running out of oil? 

Mirela Costianu PhD

Eonomic Studies Academy, Bucharest Tel. number: +0040745989043Armenis Street no.2, Bucharest, Romania

Email: costianu_mirela@yahoo.com 

Accepted 15 January 2015


Abstract

As Mark Twain said, prophecies are always difficult to make, that's why nobody can say precisely how much oil there is in the world and which is yet to be discovered, for how long will last the oil we already know about and where it is, how much will we be able to exploit what we have and what is there to discover, for how long will the oil last, for how long we will need it, if we already went beyond the maximum peak of production and discoveries etc. We can only analyze the data we have, make calculations, predictions and assumptions on the basis of what has been in the past, and what it is in the present, to hope or, on the contrary, to prepare ourselves for the worst. But we can't know for certain. So we try in the following to do it, without claiming that we know the sure answer to the question that is on the lips of all humanity. Further can be found: an analysis on the oil reserves in the world, starting from the reserves discovered and put into service (as they were declared), reserves discovered and unexploited yet, reserves proven, but still undiscovered and forecasts, by the experts in the field with regard to future discoveries. 

Keywords: oil, reserves, Peak Oil, Saudi Arabia, giant oilfields

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