Global oil reserves can only be used for 54 years. China has become the world's second largest crude oil consumer.

Global oil reserves are only available for 54 years. China has become the world's second largest consumer of crude oil. Recently, the global chief economist of the oil giant British Petroleum (BP)...

Recently, the oil giant British Petroleum (BP) global chief economist Dr. Christopher? Fossil fuels continue to dominate global energy consumption with an 87% market share. Although renewable energy is growing rapidly, it still only accounts for 2% of global consumption.

Last year, global oil production also increased by 1.3%, or 1.1 million barrels per day, with oil production in Saudi Arabia, the United Arab Emirates, and Qatar hitting new highs. Saudi Arabia's oil production reached 11.161 million barrels per day last year, still ranking first among the countries with the highest oil production in the world. 88 million barrels of oil are consumed every day

According to the Yearbook, as of the end of 2011, global oil reserves were approximately 1.653 trillion barrels, and global oil reserves are available for 54 years. Last year, BP reported world oil reserves at the end of 2010 at 1.526 trillion barrels. If we look at the current global consumption rate of 80 million barrels per day, which is very conservative, the current world oil reserves can last for 54 years.

It is worth noting that in the distribution of global oil reserves, in 2011, Venezuela surpassed Saudi Arabia and became the country with the largest proven oil reserves in the world, reaching 296.5 billion barrels, accounting for 18% of the world; Saudi Arabia followed closely, ranking second in the world with proven reserves of 264.5 billion barrels, accounting for 16%; Canada ranked third, with proven oil reserves of 175.2 billion barrels, accounting for 11%.

The development of renewable energy has been mixed

Last year, the development of renewable energy has been mixed. Global biofuel production has stagnated, growing at just 0.7%, or 10,000 barrels of oil equivalent per day, the lowest annual growth rate since 2000. Because the proportion of ethanol fuel in gasoline has reached the #25530; mixing bottleneck? #65292; the development of renewable energy in the United States has slowed down (the growth rate is 10.9%, or 55,000 barrels of oil equivalent per day). Due to the poor sugarcane harvest, Brazilian biofuel production experienced the largest decline in the history of our statistics (a decrease of 15.3%, or a decrease of 50,000 boe/d). In sharp contrast, renewable energy power generation increased by 17%, exceeding the historical average, while wind power growth led the way (up 25.8%), accounting for more than half of renewable energy power generation for the first time.