No more oil by 2068

In 2018, there were an estimated 1.73 trillion barrels of oil in the world. Enough oil to last another 50 years with an average global oil consumption of 95 million barrels per day.

Global consumption of oil continues to grow

Demand for oil has grown non-stop more or less since the industrial revolution and is expected to continue to grow until at least 2030. In the last quarter of 2019, global oil demand increased by 1.9 million barrels per day, mainly due to increased oil consumption in China.

Peak oil

Oil production is expected to reach its top somewhere around 2030. A situation known as “peak oil”. But it’s impossible to know for sure when it will happen. And oil production can potentially stay at very high levels long after peak oil thereby continuing to contribute to global CO2-emissions and climate change.

Oil consumption in history

Since global oil consumption really took off around 1950, total world oil consumption is estimated at almost 1.5 trillion barrels (in 2018).

The estimated reserves are about the same - 1.5 trillion barrels of oil. So if we use up all the world’s reserves, we will burn as much oil in the 50 years from 2018 to 2068 as we did in the 68 years from 1950 to 2018.

The End of Oil needed to save the world

But if we continue to burn all the world’s oil there’s little chance to save the climate from runaway global warming. We need to reduce the emissions of greenhouse gasses very significantly if global temperature increases are to be kept at 2 degrees Celsius in this century.

We can do without oil

We have plenty of green alternatives. We just need to start using them. The sun could provide the world with more than enough green, clean energy. 

It’s possible: Small communities showing the way

70.000 citizens and the local industries of Thy and Mors, a region in Denmark, are using electricity produced 100 percent by renewable energy. Heating is covered 80 percent by renewables.