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World Oil Resources, Reserves and Production

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  • Peter R. Odell

Abstract

Recent estimates of limited oil resources as constituting a constraint on the future of oil, lack validity. The issue is unimportant for the oil market for 50 years. Similarly, fears for the adequacy of annual additions to reserves are unfounded: the world is running into oil, not out of it. By contrast, the geography of reserves development is important. Twothirds of reserves are in the Middle East, but 85% of these are irrelevant to global production to 2010, given the potential in OECD and non-OPEC developing countries, and the maintenance of the current oil price. Thus, demand for Middle East oil will remain frustratingly modest. Efforts to expand production, necessarily in cooperation with major oil corporations, will regenerate fears elsewhere for supply security and create prospects for regionalising global oil around the three groupings of OECD countries, to which the non-Middle East OPEC members will adhere.

Suggested Citation

  • Peter R. Odell, 1994. "World Oil Resources, Reserves and Production," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 89-114.
    • Handle: RePEc:aen:journl:1994si-a05
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    Cited by:

    1. Herman R. J. Vollebergh & Eric Drissen, 2014. "Unconventional Gas and the European Union: Prospects and Challenges for Competitiveness," CESifo Working Paper Series 5035, CESifo.
    2. Verbruggen, Aviel & Al Marchohi, Mohamed, 2010. "Views on peak oil and its relation to climate change policy," Energy Policy, Elsevier, vol. 38(10), pages 5572-5581, October.
    3. Karanfil, Fatih & Omgba, Luc Désiré, 2017. "Reconsidering the scarcity factor in the dynamics of oil markets: An empirical investigation of the (mis)measurement of oil reserves," Energy, Elsevier, vol. 137(C), pages 209-218.
    4. de Vries, Bert & Janssen, Marco & Beusen, Arthur, 1999. "Perspectives on global energy futures: simulations with the TIME model," Energy Policy, Elsevier, vol. 27(8), pages 477-494, August.
    5. Bentley, R. W., 2002. "Global oil & gas depletion: an overview," Energy Policy, Elsevier, vol. 30(3), pages 189-205, February.
    6. Stevens, Paul, 1996. "Oil prices : The start of an era?," Energy Policy, Elsevier, vol. 24(5), pages 391-402, May.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

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