Hey, Lykkers! Have you ever heard that the world’s oil supply is running out, and we have only 30 years left before it’s gone?

For decades, this prediction has been circulating, but is it really true? Let’s explore what experts have to say about the future of oil.

What Are Extractable Reserves?

When we talk about oil, we refer to "extractable reserves," which are the amounts of oil deemed profitable and feasible to extract. These reserves depend on technology, costs, and economics. However, the global oil supply is not as limited as some believe. Over the last 50 years, predictions have often claimed that there were only 30 years of oil left. Yet, here we are, still extracting oil at a steady pace. How is this possible?

Technology and Oil Exploration

Thanks to advances in technology, the oil industry has continually found new oil fields and improved extraction methods. Innovations in drilling and exploration have expanded the amount of oil that can be accessed. This means that, with technological advancements, the life of oil reserves keeps extending. In fact, the forecasted depletion time has remained around 40 years for decades, despite earlier predictions.

What will happen when the world runs out of oil? | 60 Minutes Australia

Video by 60 Minutes Australia

Global Oil Reserves and Their Lifespan

As of 2019, global extractable reserves stood at approximately 267.6 billion barrels, with an expected extraction lifespan of 57.6 years. Countries like Venezuela, Saudi Arabia, and Canada have the largest oil reserves.

Venezuela, for example, has enough oil to last for over 950 years. Other Middle Eastern countries, rich in reserves, also benefit from long extraction lifespans. Oil production cuts by these nations can cause prices to rise, while increasing production may lower them.

Geopolitical Impact of Oil

Oil also plays a major role in geopolitics. Countries with large oil reserves often have significant global influence. The Middle East’s vast reserves, for instance, shape international relations and economic policies. Oil-producing countries’ decisions directly affect the global oil market, demonstrating how geographical and political factors influence global economies.

The Future: Oil or Alternatives?

While oil is essential now, it won’t last forever. The question isn’t necessarily whether we will run out of oil soon but how we adapt. As renewable energy sources develop, oil consumption might decrease, allowing us to transition to more sustainable alternatives. It’s vital to find a balance between using oil and investing in cleaner energy solutions.

What’s Next for Oil?

In conclusion, while the oil supply may not last forever, the timeline for depletion is much longer than originally predicted. Advancements in technology and new discoveries continue to extend the life of oil reserves. As we move toward a future with renewable energy, it’s important to keep an eye on both oil and the development of alternative resources.

What do you think, Lykkers? Will we run out of oil soon, or is the future brighter than we expect? Share your thoughts below!