| Abstract: | The trend of previous estimates of the world's ultimate recovery of oil suggests a figure of 1650 BBO, of which 1438 BBO have been discovered and 978 BBO remain to be produced. Some large reported reserve figures are questioned. Importance is attached to the mid-point of depletion when rising production tends to give way to decline. The share of the world's supply coming from six Middle East countries is set to continue to rise from its 1986 low of 16% to as much as 50% by 2010, with the likely consequence of higher oil prices and serious political implications. The world is rapidly approaching a turning point when it has to face the consequences of an irreversible decline in oil production. |
