ANALYSIS OF OIL RESERVES, PRODUCTION AND OIL PRICE TRENDS IN 1995, 2005, 2015

Abstract

According to analysed oil reserves and oil production worldwide during 1995, 2005 and 2015, a global increase in oil re- serves is observed. In 1995, there were 179.1 × 10^9 m3, in 2005 there were 218.5 × 10^9 m3 and in 2015 there were 269.9 × 10^9 m3 oil reserves. According to British Petroleum data, oil production is also increasing, but by a smaller ratio. Oil production in the world in 1995 was 10.8 × 10^9 m3, in 2005 it was 13.0 × 10^9 m3, and in 2015 14.6 × 10^9 m3. Oil price trends between 1980 and 2015 were analysed. Many different causes affect the constant oil price fluctuations, but the most influential are the geopolitical crises of the Middle Eastern countries, as well as a great increase in demand for oil and the expansion of the consumption of wealthy countries such as China, India and Brazil, which was not accompanied by a corresponding increase in supply. Modern political relations are full of conflicts, which greatly affect oil prices, and the best example is the short-term rise in oil prices in 2011, when armed conflicts started in Libya, or disablement of production in countries such as Syria and Yemen, which in 2015 can barely capture any production. By comparing reserves, earnings and oil price fluctuations, it is apparent that almost every increase in oil production, after the discovery of oil deposits, was later accompanied by a fall in prices.

Keywords

• oil reserves
• oil production
• oil prices
• oil consumption