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The world keeps consuming more oil. Thatâs not a real surprise, but one unconventional look at the numbers gives you a better idea of the dramatic extent of the global demand. World consumption has been on a steady rise for decades and neared 94 million barrels a day in 2014.
Rystad Energy now estimates total global oil reserves at 2092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude oil per year, the report reads. This data confirms that there is a relatively limited amount of recoverable oil left on the planet.