World Energy Council says fears over oil running out unfounded

FEARS the world could run out of oil in our lifetime are completely unfounded, an influential international think tank said yesterday.

Globally there are sufficient energy resources to meet even significantly increased demand for decades to come, according to The World Energy Council’s latest report.

It found global crude oil reserves today are almost 25 per cent larger than in 1993 and production has gone up by 20 per cent.

Fossil fuels are still the dominant resource worldwide, providing 80 per cent of energy. However new renewables, such as solar, wind, geothermal and marine energy, expected to grow sharply two decades ago, currently provide just 1.5 per cent of global energy.

“It is clear that coal, oil and gas are going to keep powering the economies of many countries for many years to come,” said Christoph Frei, secretary general of the World Energy Council yesterday.