The amount of proven oil reserves awaiting to be exploited fell last year for the first time in a decade, according to new figures released today. The amount of crude left in the ground was 1.258trn barrels - 3bn less than this time last year.
These figures, revealed in the BP Statistical Review of World Energy, are probably the result of a slump in drilling activity due to a fall in the price of oil last year - from $150 per barrel to $30.
At today's rate of use however there is still enough oil to last the next 42 years, according to the oil company although those concerned about Peak Oil say we are closer to running out given demand is expected to rise strongly in the short-term.
Are we running out of oil? The world in energy statistics | Environment | guardian.co.uk
