For 61 years, BP’s annual Statistical Energy Review has been one of the most closely watched studies in the industry.
And given the upheavals in the energy industry in recent years, this year’s edition was going to be particularly significant.
Below is a graph that we believe cast serious doubt on peak oil theory — the idea that we are imminently in danger of exhausting the world’s hydrocarbon supply.
BP has a more nuanced, though no less categorical take:
“The world is not structurally short of hydrocarbon resources – as our data on proved reserves conﬁ rms year after year – but long lead times and various forms of access constraints in some regions continue to create challenges for the ability of supply to meet demand growth at reasonable prices.”
Here are worldwide proved reserves, by decade.