The calculation of oil reserves expressed in time usually adopts 

reserves-to-production ratio, a value derived from the amount of 

remaining proven reserves divided by the amount of oil

production in one year at the current rate. BP Statistical Review 

of World Energy 2022 estimates that the total global proven oil 

reserves were at 173.24 billion barrels as of the end of 2020, which 

could last for 53.5 years at the current production level.

However, estimates of how many years remain before the oil 

supply is exhausted change from year to year as new deposits are 

found. If new discoveries of the oil reserves outpace the output, 

then the ratio will further increase. In fact, this ratio has been 

going up instead of down in recent years.

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