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

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

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.

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.

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.

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

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.

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

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.

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.

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.

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

Petrol tank plus metering equipment

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.

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.

Energy use per capita (kg oil equivalent) ____________

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.

Oil exporting countries, however, were currently facing oil capacity constraints and reduced oil refining capability.

Uganda has just discovered oil, in about the most disastrous location on Earth Ghana has discovered oil Guinea has got a huge new exploitation of iron ore coming out of the ground.

Kuwait states that the programme will focus on individuals with cardiovascular disease, asthma, ulcers, colitis, and psychological disorders.

Now, that's just one story about oil, and we could end it there and say, Well, oil's going to last forever because, well, there's just a lot of it.

This estimate does not include the coastal oil trench and coastal oil deposit as contamination in those areas was not caused by invasion related oil spills modelled by OSCAR.

And as you go across there you see a few tens of years of oil the blue line, by the way, is the lowest estimate of existing resources.

Geologists have a pretty good idea of where the oil is.

electricity, gas, oil consumption

Total primary energy supply amounted to 39 million metric tonnes of oil equivalent (Mtoe) in 1994 (compared to 67 Mtoe in 1989), of which 43 per cent was composed of natural gas, 28 per cent oil, 25 per cent coal, and 3 per cent domestically produced hydroelectric power.

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 eight year period, 1977 to 85, when we last paid attention, the economy grew 27 percent, oil use fell 17 percent, oil imports fell 50 percent, oil imports from the Persian Gulf fell 87 percent.

Among which, 520 million tons of reserves are proved to be crude oil.

C, what is the estimate of fuel reserves in the German army?

Regional cooperation to create an oil reserve to reduce oil price fluctuations may also be worth investigating.

Although oil only generates 1.6 of U.S. electricity, it powers 96 of all transportation.

A third type of SWF takes the form of oil investment funds among oil energy exporting countries, which are saving their windfalls into foreign assets. Norway, indeed, has been doing this very quietly for many years

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.

Rising demand for oil in particular heightens concerns over whether additions to reserves are keeping pace with rising production.

Looking at the oil industry, Africa provides 18 percent of the U.S.'s oil supply, with the Middle East just 16 percent.

In the long run, however, statistical analysis of various oil industry variables indicates that a weaker dollar affects supply by reducing production, regardless of whether oil is owned and produced by national or international oil companies. A weak dollar also affects demand by increasing consumption.

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.

Over that period you are going to double your demand.

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.

Covering this drop in reserves more than half of gas reserves and a fifth of oil reserves have been consumed with imports implies an annual cost of more than 300 billion. Indeed, after two decades of cheap, abundant energy and exports of surplus output, a new cycle of expensive, scarce, and imported energy has begun, as oil production has fallen by one third since 1998, and gas production by 15 since 2004.

The production of cocoa, coffee, palm oil and oil and gas increased in 2004.