Conventional oil production has averaged about 25 billion barrels per year. we haven’t been replacing what we have been consuming for quite a long time.
Except for the large orange bar in 2000 of approximately 35 billion barrels, all the years after were lower than 25 billion barrels.
There is a good reason why we have just recently tapped in to oil sands and shale oil…. Now, to put the above chart into perspective, here are the annual global conventional oil discoveries since 1947: You will notice the amount of new oil discoveries (2.4 billion barrels) for 2016 is just a mere smudge when we compare it to the precious years.
it wasn’t profitable for the past 100 years to extract it. Furthermore, the world has been consuming about an average of 70 million barrels per day of conventional oil production since 2000 (the total liquid production is higher, but includes oil sands, deep water, shale oil, natural gas liquids, biofuels and etc).
These 68 public companies have been producing between 8-9 billion barrels of oil per year.