Oil Supply

Conventionally reservoired crude oil resources comprise all crude oil that is technically producible from reservoirs through a well bore using any primary, secondary, improved, enhanced, or tertiary method and represents the world's oil supply. Not included in the oil supply are liquids from mined deposits (tar sands; oil shales) or created liquids (gas-to-liquids; coal oil). Earth's oil supply, the endowment of conventionally reservoired crude oil is a large but finite volume. Production from this oil supply may well peak within this century. All or very nearly all of Earth's prolific petroleum basins are believed identified and most are partially to near-fully explored. All or nearly all of the largest oil fields in them have already been discovered and are being produced. Production is indeed clearly past its peak in some of the most prolific basins.