World Petroleum Reserves Most number of petroleum reserves of
the World are located in the Middle East. It produces 664bbls of
crude oil from the total World's production of crude oil, which
is around 1,000 bbls. When 664 bbls of the gulf countries'
production is excluded, Africa, North and South America, Europe
and the Far East produce the balance. It is estimated, if the
rate of oil consumption today (84.1 mbls per day) were
prevailing for another 32 years, the crude oil reserves that
presently exist would dry out. According to research, proven
reserves of unused crude oil have more than 800 billion barrels
while undiscovered crude oil amounts to about 1.2 trillion
barrels. Three types of petroleum reserves were categorized and
they are called proved reserves, indicated reserves and possible
reserves. Proved reserves are the types that have been estimated
to have certain amount of oil barrels within the estimated
economic and operating procedures. Therefore, proved reserves
have not included synthetic liqui