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The world is not running short of oil or gas just yetThe world’s total endowment of oil is large enough to support the projected rise inproduction beyond 2030 in the Reference Scenario. Estimates of remaining provenreserves of oil and NGLs range from about 1.2 to 1.3 trillion barrels (including about0.2 trillion barrels of non-conventional oil). They have almost doubled since 1980. Thisis enough to supply the world with oil for over 40 years at current rates of consumption.Though most of the increase in reserves has come from revisions made in the 1980s inOPEC countries rather than from new discoveries, modest increases have continuedsince 1990, despite rising consumption. The volume of oil discovered each year onaverage has been higher since 2000 than in the 1990s, thanks to increased explorationactivity and improvements in technology, though production continues to outstripdiscoveries (despite some big recent finds, such as in deepwater offshore Brazil). http://www.iea.org/Textbase/npsum/WEO2008SUM.pdfThis author, obviously hasn't conferred with t.Iggie
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