Oil reserves decline

Since about 1980, the annual consumption of oil exceeds the capacity of the deposits discovered each year, and no large deposits have been discovered since then. Moreover the oil-producing Middle East, operating in the vast majority of deposits that were discovered there are over 40 years. 

Since 1970, estimates of oil reserves are relatively stable: the rate of consumption time, we frequently felt the exhaustion of reserves to 30 years in the future. However, oil production increased during this period and continues to increase. Growing demand, improved extraction techniques, the rise in oil prices (which determines the profitability and therefore the exploitation of certain deposits or not) allow this increase in production.

We saw the discoveries of new deposits are below the annual consumption. In other words, the proven reserves increase because the probable and possible reserves are decreasing. But the ultimate reserves, they, clearly reduced since the early 1990s, and the pace is accelerating.