IDEAS home Printed from https://ideas.repec.org/a/aen/journl/1994si-a05.html
   My bibliography  Save this article

World Oil Resources, Reserves and Production

Author

Listed:
  • Peter R. Odell

Abstract

Recent estimates of limited oil resources as constituting a constraint on the future of oil, lack validity. The issue is unimportant for the oil market for 50 years. Similarly, fears for the adequacy of annual additions to reserves are unfounded: the world is running into oil, not out of it. By contrast, the geography of reserves development is important. Twothirds of reserves are in the Middle East, but 85% of these are irrelevant to global production to 2010, given the potential in OECD and non-OPEC developing countries, and the maintenance of the current oil price. Thus, demand for Middle East oil will remain frustratingly modest. Efforts to expand production, necessarily in cooperation with major oil corporations, will regenerate fears elsewhere for supply security and create prospects for regionalising global oil around the three groupings of OECD countries, to which the non-Middle East OPEC members will adhere.

Suggested Citation

  • Peter R. Odell, 1994. "World Oil Resources, Reserves and Production," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 89-114.
    • Handle: RePEc:aen:journl:1994si-a05
    as

    Download full text from publisher

    File URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=1016
    Download Restriction: Access to full text is restricted to IAEE members and subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Karanfil, Fatih & Omgba, Luc Désiré, 2017. "Reconsidering the scarcity factor in the dynamics of oil markets: An empirical investigation of the (mis)measurement of oil reserves," Energy, Elsevier, vol. 137(C), pages 209-218.
    2. Herman R. J. Vollebergh & Eric Drissen, 2014. "Unconventional Gas and the European Union: Prospects and Challenges for Competitiveness," CESifo Working Paper Series 5035, CESifo.
    3. Verbruggen, Aviel & Al Marchohi, Mohamed, 2010. "Views on peak oil and its relation to climate change policy," Energy Policy, Elsevier, vol. 38(10), pages 5572-5581, October.
    4. de Vries, Bert & Janssen, Marco & Beusen, Arthur, 1999. "Perspectives on global energy futures: simulations with the TIME model," Energy Policy, Elsevier, vol. 27(8), pages 477-494, August.
    5. Bentley, R. W., 2002. "Global oil & gas depletion: an overview," Energy Policy, Elsevier, vol. 30(3), pages 189-205, February.
    6. Stevens, Paul, 1996. "Oil prices : The start of an era?," Energy Policy, Elsevier, vol. 24(5), pages 391-402, May.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aen:journl:1994si-a05. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: David Williams (email available below). General contact details of provider: https://edirc.repec.org/data/iaeeeea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.