How Long Till We Run out of Oil?

It is a mute point how much oil the world has left.

Previous predictions about running out of oil have proved inaccurate because new supplies of oil have been found. As the price of oil rise, it becomes even more attractive to invest in creating new oil fields in less attractive areas such as Siberia and the Antarctic.

The problem is that world demand for oil shows no signs of abating. In 2008, the consumption of oil equated to around 87 million barrels a day. Some forecasts suggest this could rise to 130 million by 2030. However, this assumes a stable price and a failure to develop new alternatives to oil.

Peak Oil Theorists say that the world doesn't have to run out of oil to make it uneconomic. It is when supply reaches a certain point, we will reach the end of cheap and plentiful supply of oil. As the price of oil nudges towards $200, alternatives will look increasingly attractive. As the Saudi minister said the stone age didn't end because we ran out of stones, we just found better technology to stones.

Also it is worth bearing in mind that present rises in the price of oil are partly due to temporary short term factors

Dealing with High Oil Prices

Is the world running out of oil? at BBC