World Oil Resources, Reserves and Production
Peter R. Odell
The Energy Journal, 1994, vol. Volume 15, issue Special Issue, 89-114
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.
JEL-codes: F0 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to IAEE members and subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:aen:journl:1994si-a05
Ordering information: This journal article can be ordered from
Access Statistics for this article
More articles in The Energy Journal from International Association for Energy Economics Contact information at EDIRC.
Bibliographic data for series maintained by David Williams ().