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Oil reserves increase
Regional, Business, 7/16/1997
According to a report by the international oil company Shell Oil, fuel needs increase annually though world consumption, and consequently pumping rates are increasing too.
Oil quantities produced in 1996 reached 3.3 billion tons and were totally consumed in markets.
Yet the beginning of this year has witnessed a 1.5 billion ton increase in reserves.
If annual oil production rates remain the same, the report argues, we will run out of these reserves theoretically after 42 years. But in fact, new oil fields are discovered in different places, which means more oil reserves.
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