Oil - the main source of energy and investing millions of dollars into the economy. The rapid growth of oil and gas due to increased demand for energy. Countries, with the largest oil reserves. The discovery of new sources of energy alternative to oil.
Term Paper Socio-economic geography Semester I When will the world run out of oil? Vugar Ahmadov 21.11.2012 Nearly 70 million of barrels of oil are produced by oil pumps across the world in one day, but the main question arising from it “When the world will run out of oil?“. The purpose of the research is to indentify how more the source of powers such as oil can be extracted from oil towers and sea platforms and analyze the number of barrels extracted in the past 8 years. The procedure of research is carried by analysis of documents provided by the world’s leading oil companies such as Exxon Mobil, Shell, BP, Gazprom OIL and SOCAR. This document provides information and data about oil extraction in oil dominating industry countries such as Persian Gulf countries, USA, Russia and Azerbaijan. According to NationMaster in co-operation with RosNeft, Russia has increased its oil producing power by 2,3 millions of barrel per day in 9 years becoming one of the world leading oil producing countries. This is explained by excess demand on petrol across the world for transportation needs. The most well known theory of when will the world run out oil is Hubbert theory, with introducing his graph. Using empirical research , it was hypothesized that countries of Persian Gulf have reserves of oil mostly for 250-260 years( taking in consideration undiscovered places), if assumed that no new deposits will not be discovered as new sources of oil, referring that 23.2 million of barrel per day will be produced per day, which is indeed 28 % of worlds fraction. For last two centuries oil has become the main source of energy vesting millions of dollars to countries economy. In modern society, the role of oil has increased enormously. Military equipment, peaceful transportation, power plants, equipment factories, heating systems - all this is driven by oil and gas. There is some concern, will be there enough oil to satisfy our needs? The rapid increase in energy demand has led to an equally rapid growth in oil and gas production. Saudi Arabia is recognized as the world biggest oil reserve country, accounting for just under half of all stocks of the Arabian Peninsula. It is followed by Kuwait, Iran, Iraq, UAE. In 1960, Arabian countries joined to form an organization of oil exporters called OPEC. It was later enlarged also by some other oil-producing countries (Nigeria, Venezuela, Indonesia) - all in OPEC includes 14 countries.
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