BP’s Latest Estimate Says World’s Oil Will Last 53.3 Years

BP’s annual report on proved global oil reserves says that as of the end of 2013, Earth has nearly 1.688 trillion barrels of crude, which will last 53.3 years at current rates of extraction.  This figure is 1.1 percent higher than that of the previous year and during the past 10 years proven reserves have risen by 27 percent, or more than 350 billion barrels.  OPEC nations continue to lead the world by having a large majority of the planet’s reserves, or 71.9 percent.

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