As Exxon bemoans that it can’t find enough oil, Saudi Arabia is crowing how much of it there is about. Saudi Aramco President Abdullah S. Jum’ah told the World Energy Congress that liquid energy resources are far bigger than expected, and he is “optimistic” over the future.

Jum’ah said there were enough conventional and non-conventional liquid energy resources available for petroleum to be a significant part of the global energy mix for decades to come.

“In general, we have grossly underestimated mankind’s ability to find new reserves of petroleum, as well as our capacity to raise recovery rates and tap fields once thought inaccessible to produce,” he said. “I’m confident that this growth trend can continue,” he added.

According to Jum’ah, taking into account both conventional and non-conventional resources, there are 13-16 trillion barrels of total in-place liquids available worldwide.

“To put those figures in perspective, to date we have consumed only 1.1 trillion barrels of oil, or 7 to 9 percent of resources in places, nearly all of that was conventional oil,” he said.

So he doesn’t buy into the peak oil theory then….


  • The quesion is NOT how much oil is there? The question is ,How much are we willing to pollute the universe by continuing to rely on oil as our basic energy source? And how many wars are we willing to engage in to insure that the pipeline is open to the voracious appetite of the U.S. for that oil?

    The answer is the cost of oil dependence is far too high in terms of pollution and loss of life.

    The U.S. MUST WAKE UP and move toward alternative clean energy sources! We are a nation of many other resources. We MUST turn to them before we destroy the planet.

    Thank you for your attention to this concern.
    Nancy Fitzgerald

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