We listen every day on News channels and we study this in our books that we are running out of Oil and Fuel. We need to control our oil consumption. But are we really getting out of oil? Let’s find out with facts and statistics.
No doubt we are using oil at a VERY VERY fast rate. We also know that we have limited reserves of oil it means at one stage they will be finished sooner or later and point to worry is our Oil consumption is increasing day by day and this by no means will be a surprise for you because 97% of transportation works on Oil.
More technological advancements mean more oil consumption.
Even though oil is under the most stringent environmental policies that keep global temperatures from rising two degrees Celsius over preindustrial levels, following the Paris accord agreements. Oil is the main fuel. So it is necessary that we know how much oil we are left with so that we can have a Ideas where we are going.
Total World Oil Consumption in 2017
We will talk about oil here in Barrels so What is a Barrel?
1 Barrel = 159 liters or 42 US gallons or 35 imperial gallons
World Oil Consumption in 2017
According to statistics from US Energy Information Administration, Total World Consumption for 2017 will be
98.46 Million Barrels per day.
Which means Total assumed Annual World Oil Consumption of 2017 will be
35,937,900,000 Barrels which is approx. 35.93 Billion Barrels.
Where USA is the biggest oil consumer.
|1 Barrel||159 Litters or 42 US Gallons|
|Total Oil Consumption per day in 2017||98.46 Million Barrels|
|Total Annual Oil Consumption in 2017||35.93 Billion Barrels|
So if we do some maths we can calculate that
How much oil are we using per second around the world?
The answer is The World is consuming 1,140 Barrels per second.
That’s a lot SERIOUSLY!!!!
Now we know how much oil will be consumed in 2017 let’s see how much Oil will be produced, Can it fulfill our requirements? Lets see
Total World Oil Production for 2017
Now we will have a look at statistics of Oil Production in the World.
Keep in Mind that many countries have oil reserves but the biggest OIL producing countries are OPEC countries contributing 44% of Oil production whereas they have 81.5% of Proven Oil Reserves in The World.
Other Major Oil Producing countries are Russia, China, Canada and Brazil.
Saudi Arab was the biggest oil producer but now in 2017 Russia took First place in Oil Producing Countries.
Let’s Have a look at statistics
World’s Total assumed oil production for 2017 will be
98.30 Million Barrels per day.
It means Total Annual assumed oil production will be
35,879,500,000 Barrels Almost 35.89 Billion Barrels.
SUMMARY of Oil Production and Consumption for 2017
AS we can see till now oil Demand this Year is higher than oil Production for this year which earlier this Year was stated by Bloomberg. This situation may cause in rise in oil prices at the end of year or oil shortage if OIL production doesn’t increase then Assumed for 2017.
So Now we know how much production and consumption of oil is there…..
Now we can answer our question:-
Are we Running Out of Fuel?
According to EIA study Earth has enough oil to meet World’s oil demand till 2040 (That is not really Far!!!) and however with the increase in oil demand may be this time period can get even shorter.
My simple answer to this question will be Yes We are running out of fuel. Though we have a lot of proved oil reserves and we are finding more but the pace at with which we are using oil these reserves won’t be enough. We need to minimize our oil demand and we need to find alternate energy sources otherwise OUR HOME EARTH WILL BE IN A GREAT TROUBLE.