Crude Oil

Crude oil is the world's most important energy resource, and will remain so in the foreseeable future as well. Global crude oil production rose by around 0.6 % in 2019 to reach a new all-time high of more than 4.49 Gt, whilst petroleum consumption remained almost unchanged 4.66 Gt in the same time period.

Description

The remaining overall potential for crude oil (reserves and resources) is around 746 Gt. The reserves of conventional crude oil − the backbone of global supplies of liquid hydrocarbons − are 173 Gt. This means that more crude oil has now been produced (around 201 Gt) than currently reported in conventional reserves. Crude oil is the only non-renewable energy resource where it may no longer be possible to cover growing demand in the coming decades. Given the long period of time involved in converting the energy sector, it is therefore important that the development of alternative energy systems takes place in good time.

Total crude oil potential 2019: regional distribution
Total crude oil potential 2019: regional distribution
Source: BGR
BGR collects and evaluates all the accessible information on the global distribution and availability of crude oil.

It investigates the regional crude oil potential in sedimentary basins and on continental margins, and develops new exploration methods or improves existing exploration technologies.

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