Global oil reserves data is muddled, but does it really matter?

        June 27, 2019 Peak Oil | Global | fossil fuels: oil

BP's analysis of energy data states there is no oil shortage, estimating proved reserves at 1.73 trillion barrels, good for 50 years at current production rates. By applying Society of Petroleum Engineers (SPE) standards, Norwegian consultancy Rystad Energy estimates only 386 billion barrels, 25% that of BP. Quality not quantity may be the new mantra.