Interactive ASB 2006OPEC flows of crude and refined oil map

The global reserve/resource base can easily meet forecast demand growth for decades to come. Estimates of ultimately recoverable reserves (URR) have increased over time, with advancing technology, enhanced recovery and new reservoir development. For example, according to an established industry source, reserve growth from improved recovery alone in existing fields amounted to 175 billion barrels in 1995–2003; combined with new discoveries of 138 billion barrels, total reserve growth was therefore well above the cumulative production of 236 billion barrels for that period. Moreover, technology continues to blur the distinction between conventional and non-conventional oil, of which there is also abundance, as well as with other fossil fuels. We expect the world’s URR to continue to increase in the future. Therefore, the real issue is not reserve availability, but timely deliverability, and here enhanced cooperation and dialogue among all parties is essential to ensure security of demand, as well as security of supply.

OPEC share of world crude oil reserves (2006)	World crude oil reserves: Cumulative production versus net additions (2000-2006)
Conventional resource base is sufficient