"The world will run out of oil in 2030, and other fossil fuels in 2050." In the 1950s, a geologist named M. Based on his statistical analysis of the data, he projected that U.S. oil production would peak in the 1970s and that world oil production would peak during the first decade of the 21st century.
The top five largest oil producers are the following countries:
- United States. The United States is the top oil-producing country in the world, with an average of 19.47 million barrels per day (b/d), which accounts for 19% of the world's production.
- Saudi Arabia.
- Russia.
- Canada.
- China.
Oil reserves are an estimate of the amount of crude oil located in a particular economic region. To qualify, oil reserves must have the potential of being extracted under current technological constraints.
For all intents and purposes, that amounts to no oil.
- Japan. > GDP rank: third largest.
- Germany. > GDP rank: fourth largest.
- France. > GDP rank: fifth largest.
- Italy. > GDP rank: eighth largest.
- South Korea. > GDP rank: 13th largest.
- Spain. > GDP rank: 14th largest.
- Netherlands. > GDP rank: 16th largest.
- Turkey.
Oil Reserves in Saudi ArabiaSaudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).
What countries are the top producers and consumers of oil?
| Country | Million barrels per day | Share of world total |
|---|
| United States | 18.60 | 20% |
| Saudi Arabia | 11.01 | 12% |
| Russia | 10.50 | 11% |
| Canada | 5.29 | 6% |
Here are five of the most common uses of oil.
- Fuel. Oil as fuel is the most well-known use of petroleum because it is easily recognizable.
- Plastics.
- Clothing.
- Toiletries.
- Gum.
Let's start by looking at some of the advantages crude oil has.
- Crude Oil is Readily Available.
- Oil Has Lots of Uses.
- It Has a High Energy Density.
- Crude Oil Can Be Stored Easily.
- Oil Energy Can Be Constant.
- The Oil Industry Creates Jobs.
- Oil Energy Produces Toxic Gases.
- Oil Leaks Are Possible.
Oil: lifeblood of the industrialised nations Oil has become the world's most important source of energy since the mid-1950s. Its products underpin modern society, mainly supplying energy to power industry, heat homes and provide fuel for vehicles and aeroplanes to carry goods and people all over the world.
What are the disadvantages of using crude oil?
- Oil is a non-renewable source of energy.
- Burning oil produces carbon dioxide gas.
- Burning oil can pollute the air.
- Much of our oil has to be imported and it is becoming more and more expensive as reserves reduce and imports increase.
About 45 percent of a typical barrel of crude oil is refined into gasoline. An additional 29 percent is refined to diesel fuel. The remaining oil is used to make plastics and other products (see image Products made from a barrel of crude oil, 2016).
Advantages of Oil Energy
- Oil has High Energy Density.
- Oil is Easily Available.
- Oil is Used in a Variety of Industries.
- Oil is a Constant Power Source.
- Emission of Greenhouse Gases.
- Water Pollution.
- Oil Refining Produces Highly Toxic Substances.
Oil and natural gas are used in everyday products such as lipstick and deodorant and life-saving medical devices, such as MRI machines and pacemakers. Byproducts from oil refining is used to produce plastics, as well as lubricants, waxes, tars and even asphalt for our roads.
Emergency crude oil is stored at the Strategic Petroleum Reserve (SPR) in underground salt caverns at four major oil storage facilities in the Gulf Coast region of the United States, two sites in Texas (Bryan Mound and Big Hill), and two sites in Louisiana (West Hackberry and Bayou Choctaw).
When oil production began, there was no standard container for oil, so oil and petroleum products were stored and transported in barrels of different shapes and sizes. Some of these barrels would originally have been used for other products, such as beer, fish, molasses, or turpentine.
The SPR management office is located in Elmwood, Louisiana, a suburb of New Orleans. The reserve is stored at four sites on the Gulf of Mexico, each located near a major center of petrochemical refining and processing. Each site contains a number of artificial caverns created in salt domes below the surface.
As with all lubricant storage, oil drums should be stored in a clean, cool and dry environment. Also, try to maintain a consistent temperature. Best practice would be to have an air-conditioned room at a constant 70 degrees F, since extreme temperatures can affect the life and effectiveness of your lubricants.
The US is currently producing about 11 million b/d of crude oil, and the approximately 20 million barrels of reserve oil eventually up for sale represent 3% of the SPR.
Available global oil storage capacity is variously put at 0.9, 1, 1.6 and 1.8 billion barrels, and the IEA's estimate of capacity at 6.7 billion barrels would imply 2.5 billion barrels of available capacity.
Stockpiling oil in artificially-created caverns deep within the rock-hard salt costs historically about $3.50 per barrel in capital costs. Storing oil in above ground tanks, by comparison, can cost $15 to $18 per barrel - or at least five times the expense.
Emergency oil sharing agreements
- The Japan, New Zealand and South Korea agreement. In 2007, Japan announced a plan to share its strategic reserves with other countries in the region.
- The United States and Israel agreement.
- The France, Germany, and Italy agreement.
- Kenya.
- Malawi.
- South Africa.
- China.
- India.
Syria holds 2,500,000,000 barrels of proven oil reserves as of 2016, ranking 31st in the world and accounting for about 0.2% of the world's total oil reserves of 1,650,585,140,000 barrels. Syria has proven reserves equivalent to 48.9 times its annual consumption.
So what happens when we run out? Hopefully we will have switched from finite resources like oil and natural gas to renewable, green resources like wind, solar and hydro power. Cars might run on electricity, or even water. Without oil, cars may become a relic of the past.
Proven reservesUS proven oil reserves were 43.8 billion barrels (6.96×109 m3) as of 2018.
