Power Plant Engineering

Oil Reserves. The proven reserves are defined as the quantity of oil that can be commercially
produced with existing technology. At present the total world proved reserves amount to be about 1047
barrels (1047 bbl) of which 77% lies in OPEC countries (1996 estimate). The total world consumption
of crude oil in 1996 was 71.7 million barrels per day. OPEC estimates that total world oil consumption
could reach from the 70 million barrels a day in 1995 to around 100 million barrels per day by the year
2020. Table 2.1 gives the world’s largest proven crude oil reserves and Table 2.2 gives the production

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NON-CONVENTIONAL ENERGY RESOURCES AND UTILISATION
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rate. It is expected that oil’s share of the world wide energy market will fall from almost 40% in 1995 to
less than 37% in 2020. But oil will still be the world’s single largest source of energy. Oil is a limited
resource, so it may eventually run out, although not for many years to come. OPEC’s oil reserves are
sufficient to last another 80 years at the current rate of production, while non-OPEC oil producers’
reserves might last less than 20 years. The worldwide demand for oil is rising and if we manage our
resources well, use the oil efficiently and develop new fields, then our oil reserves should last for many
more generations to come.
Table 2.1. World’s largest proven crude 
Table 2.2. World oil production
oil reserves (1996)
(1996)
Country
Reserves
Country
Production
(millions of barrels)
(million barrels per day)
Saudi Arabia
261,444
Saudi Arabia
8.1
Iraq
112,000
Former Soviet Union
6.9
United Arab
97,800
United States
6.5
Emirates
Iran
3.6
Kuwait
96,500
China
3.2
Iran
92,600