Global oil reserves and fossil fuel consumption

Energy Matters0


Opec nations control the lion’s share, with 76% of the world’s reserves. Interestingly, many of the Opec countries’ proven reserves have barely changed in the past 20 years, despite massive exporting activity.

The largest percentage growth in oil wealth is in Vietnam, with a 39% surge in its proven oil reserves from 2007-08. This newfound wealth corresponds to 1.3bn barrels, which may sound like a lot, but would feed the world demand for less than three weeks (17 days) at 2008 levels of consumption.

Oil consumption fell by 0.29% from 2007-08, while its more polluting relation coal saw a 3% increase in its use. Reasons for coal’s recent rise include the low price of emissions trading permits and the fuel’s increasing promotion as key for ‘energy security’.

DATA: Fossil fuel consumption and oil reserves

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