Engineering
8 years ago

Oil Depletion Looms: World Faces Deepening Supply Crunch and Costly Price Shocks

Energy Exploration & Exploitation
The Next Oil Price Shock: The World's Remaining Oil and Its Depletion
Colin Campbell

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The oil industry is changing as the world uses up its conventional oil. There are challenges in figuring out how much oil is left and where it is. New methods estimate there is about 932 billion barrels of conventional oil left, mostly in the Middle East. If demand stays high, some countries may control more of the market, leading to higher oil prices and a shortage in the future. This could mean big changes for how we live.