According to Russian media, analysts of IHS Markit pointed out that the newly proved reserves of traditional oil fields in the world are at a new low in 70 years. Meanwhile, in the first half of 2019, the growth rate of shale oil production in the United States dropped to a symbolic 1%, 1 / 7 of that in 2018. Russian news agency tries to find out when black gold mining will no longer be cost-effective and when people will be forced to switch to alternative energy sources.
According to Russia News Agency on October 12, BP's 2019 world energy statistics yearbook points out that as of the beginning of 2019, the world's proven oil reserves are 1.7 trillion barrels. Venezuela has the largest oil reserves of 303 billion barrels, followed by Saudi Arabia's 297 billion barrels, followed by Canada (167 billion barrels), Iran (155 billion barrels), Iraq (147 billion barrels) and Russia (106 billion barrels), while the United States has much smaller reserves of 61 billion barrels.

In 2018, the global oil market was in short supply: the daily output was 94.7 million barrels and the daily consumption was 99.8 million barrels. This has to do with OPEC countries' artificial production restriction & mdash; & mdash; to support higher prices.
According to these indicators, oil is still enough for human use for 50 years. But the problem is that proved reserves are not guaranteed, because mining is not always cost-effective. In early October, the Russian Federal mineral development agency completed the inventory of domestic oil fields & mdash; only 67% of them are profitable. That is to say, nearly one third of the oil fields can't meet the demand.
Despite more new drilling, shale oil production in the first half of this year increased only 1% year-on-year, compared with a 7% year-on-year increase in 2018. This may indicate that the main deposits are nearly exhausted.
Russia also sees the problem of running out of oil. Russia's Energy Minister Alexander Novak said in mid September: "if we don't do anything, we will soon or will face negative consequences.". In 2021, the oil production will reach the peak, about 570 million tons. After that, production may begin to decline gradually, to 310 million tons or 44% in 2035. ”
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