Changes

Three estimates of the ultimate worldwide oil recovery (3, 3.5, and 4 trillion bbl) include [[cumulative production]], [[current reserves]], natural-gas liquids, [[reserve growth]], and [[enhanced oil recovery]] (EOR) additions to known oil fields and future discoveries. If any one of these estimates is correct, oil production will peak between 2025 and 2040 and then decline during the rest of the 21st century. Oil and its products will continue to be an important component of the world energy mix through the end of the century. In addition, conversion of natural [[gas to liquids (GTL)]] will provide a considerable increment to the supply of liquid fuels. The world will not run out of oil for a good many years yet.

Three estimates of the ultimate worldwide oil recovery (3, 3.5, and 4 trillion bbl) include [[cumulative production]], [[current reserves]], natural-gas liquids, [[reserve growth]], and [[enhanced oil recovery]] (EOR) additions to known oil fields and future discoveries. If any one of these estimates is correct, oil production will peak between 2025 and 2040 and then decline during the rest of the 21st century. Oil and its products will continue to be an important component of the world energy mix through the end of the century. In addition, conversion of natural [[gas to liquids (GTL)]] will provide a considerable increment to the supply of liquid fuels. The world will not run out of oil for a good many years yet.

[[file:St54Ch3Figure19.jpg|thumb|300px|left|{{figure number|1}}World yearly oil production from 1950 to 2002. Data as reported by the [http://www.ogj.com/index.html Oil & Gas Journal]. FSU = former Soviet Union; OPEC = Organization of Petroleum Exporting Countries. From <ref name=Salvador_2005>Salvador, Amos, 2005, Energy-A historical perspective and 21st century forecast: AAPG Studies in Geology 54, 208 p.</ref>.]]

[[file:St54Ch3Figure19.jpg|thumb|300px|left|{{figure number|1}}World yearly oil production from 1950 to 2002. Data as reported by the [http://www.ogj.com/index.html Oil & Gas Journal]. FSU = former Soviet Union; OPEC = Organization of Petroleum Exporting Countries. From Salvador<ref name=Salvador_2005>Salvador, Amos, 2005, Energy-A historical perspective and 21st century forecast: AAPG Studies in Geology 54, 208 p.</ref>.]]

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