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The world is not running short of oil or gas just yet
The world’s total endowment of oil is large enough to support the projected rise in
production beyond 2030 in the Reference Scenario. Estimates of remaining proven
reserves of oil and NGLs range from about 1.2 to 1.3 trillion barrels (including about
0.2 trillion barrels of non-conventional oil). They have almost doubled since 1980. This
is 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 in
OPEC countries rather than from new discoveries, modest increases have continued
since 1990, despite rising consumption. The volume of oil discovered each year on
average has been higher since 2000 than in the 1990s, thanks to increased exploration
activity and improvements in technology, though production continues to outstrip
discoveries (despite some big recent finds, such as in deepwater offshore Brazil).
http://www.iea.org/Textbase/npsum/WEO2008SUM.pdf

This author, obviously hasn't conferred with t.

Iggie
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