We only have two percent of the world's oil reserves 65 percent of them are in the Persian Gulf.

Today, the Xinjiang Oilfield Company of the China National Petroleum Corporation officially announced that they have discovered the world's largest reserves of conglomerated oil fields in the center of the Mahu Area in the Junggar Basin. The tertiary petroleum reserves discovered exceed 1.2 billion tons.

Brazil has now attracted the attention of the international oil industry on the back of rich pre salt oil deposits.

304. In 1997, offshore oil production worldwide increased to 22.5 million barrels per day, representing nearly one third of the world s total oil production.

Fortunately, the focus of the debate is on reserves and not resources. Reserves are defined as the quantities of petroleum that are expected to be commercially recoverable from known fields.

World oil prices

This is an extraordinarily high dividend in the world oil industry. In the past decade, YPF s reserves diminished significantly, along with those of most oil companies operating in Argentina, because investment in exploration was greatly reduced.

Kazakhstan has the world s sixth largest reserves of oil and natural gas.

In any case, arguments about the size of world oil reserves and when global production will peak misses the key security issue. The heart of the problem is not the overall quantity of oil, but its location.

In this sense, Qatar s tack has produced a rare schism within the Gulf Cooperation Council, whose members collectively possess nearly half of the world s oil reserves.

The world is running out of oil.

We're four percent of the world's population we use 25 percent of the world's oil production.

There are 98 oil producing nations in the world.

Oil producers can also restrict supply by holding oil inventory in tankers at sea or in other storage facilities. Conversely, producers can put more oil on the market by increasing production or by running down their inventories.

Once the peak of world oil production is reached, demand for oil will outstrip supply, and the price of gasoline will fluctuate wildly, affecting far more than the cost of filling a car.

Of these fuels, oil is the most critical.

This situation favours those countries richly endowed with natural resources such as oil, gold and diamonds.

The Caspian region accounts for 2 to 3 of the world s known oil resources about equal to that of North Sea oil. While far smaller than the deposits in Saudi Arabia or Iran, Caspian oil could prove important if oil production falls or is reduced for political reasons elsewhere.

Few countries are as dependent on the Persian Gulf region s hydrocarbons as is India, which imports almost 80 of its consumption. Iran is the world s third largest net oil exporter (with the world s second largest natural gas reserves as well), and it is a strategically located gateway to other energy suppliers in Central Asia and the Middle East.

And the United States uses about 20 million barrels a day, which is about 25 percent of all the oil used everyday in the world.

Africa is estimated to hold more than 10 of global oil reserves and one third of reserves of cobalt and base metals. South Africa alone possesses 40 of the world s gold, which has been skyrocketing in value since the onset of the global financial crisis.

Evidence is now mounting that world oil production is peaking, or is close to it.

Regarding oil, which dominates transportation, the high concentration of deposits in the Middle East, especially those that can be most cheaply exploited, makes oil importing countries hostage both to terrorist attacks on the oil infrastructure and to monopoly determined prices. OPEC uses output cuts whenever possible to keep prices at levels that are at least an order of magnitude above the cost of production plus a reasonable return.

And all the oil companies in the world are chasing after me for a deal.

Fracking technology has also enabled the US to tap its large shale oil reserves, making it the world s largest petroleum producer, ahead of Saudi Arabia. Citigroup estimates that, by 2020, oil will cost just 75 per barrel, and the former head of international forecasting at the OECD suggests that the number could be closer to 50.

Oh, by the way, if you think you're very far from some of this oil, 1000 meters below where you're all sitting is one of the largest producing oil fields in the world.

But this is it, this is the oil in the world.

In the nineteen sixties, six barrels of oil were found for every one that was used.

So here you are, that the cost of all this to the world is 89 million barrels of oil, give or take a few barrels, every day.

At the same time, oil hedging not only raises oil prices but results in huge reserves of cash in oil producing countries.

Oilmen spent the energy equivalent of 1 barrel of oil to find and extract 100.

Rob Hopkins Transition to a world without oil

Venezuela has the largest oil reserves in the world, and Chávez s economic strategy depended on harnessing that wealth in order to address his country s social problems. The first few years of his rule were dominated by his struggle to gain control of the country s state owned oil company, PDVSA.

A second argument is that higher oil prices are due to lower interest rates and anticipations of higher long term prices. That supposedly reduced supply by encouraging producers to store oil in the ground and pump it later.

Rob Hopkins reminds us that the oil our world depends on is steadily running out. He proposes a unique solution to this problem the Transition response, where we prepare ourselves for life without oil and sacrifice our luxuries to build systems and communities that are completely independent of fossil fuels.

The details are shown in section C of the present annex.

Petrol tank plus metering equipment

Now, as far as it goes, there's a lot of oil out there in the world.

If the volume of oil resources were known with certainty, and if we could accurately predict the growth of oil consumption, calculating the imminence of exhaustion would be simple. But these are big ifs especially given the high level of uncertainty regarding the ultimate volume of oil resources.

And many of the fossil fuel reserves that companies are currently developing will eventually be stranded (left in the ground) as part of new global climate policies. The simple fact is that the world has far more fossil fuel resources than can be safely burned, given the realities of human induced climate change.

The United Kingdom is practically self sufficient in energy, with considerable reserves of oil, natural gas and coal.

68. Petrol tank plus metering equipment.

26. Petrol tank plus metering equipment.

Indeed, the Soviet Union had a similar experience 40 years ago, when a protracted period of rising oil revenues fueled an increasingly assertive foreign policy, which culminated in the 1979 invasion of Afghanistan. Oil prices quadrupled following the first oil embargo in 1973, and the discovery of large reserves in the 1970s underpinned a massive increase in Soviet output.

Energy use per capita (kg oil equivalent) ____________