Abdullah S. Jum'ah, President and Chief Executive Officer of Saudi Aramco has said the latest estimates of the International Energy Agency's have disclosed global demand for oil will increase from 85 million barrels per day at present to more than 116 million bpd by 2030. He made this disclosure during a lecture on "Future Vision in the area of exploration and production," organized recently by the Society of Petroleum Engineers' dinner meeting in Dhahran. "Estimates of the Earth's total endowment of conventional oil resources vary between six and eight trillion barrels, though historically the industry has been fairly conservative in estimating both this total endowment and ultimate proven reserves. For example, global remaining proven reserves in 1960 were estimated at roughly 670 billion barrels. Today, even after nearly a half-century of steadily increasing production, those total proven reserves have almost doubled to roughly 1.3 trillion barrels. The reserve revisions in most fields have also been upwards - and often significantly so - since they were first discovered," Jum'ah added.
