BGR Bundesanstalt für Geowissenschaften und Rohstoffe

Crude Oil

Production platform Heidrun/NorwayProduction platform Heidrun/Norway Source: Statoil, Foto: Øyvind Hagen

Globally, crude oil is currently still the most important primary energy resource. Mineral oil products are mainly used as fuel in the transport sector and as a basic material in the chemical industry.
World crude oil production fell by over 7 % to 4.16 Gt in 2020, while mineral oil consumption fell even more sharply by over 9 % to 4.24 Gt in the same period.

The remaining overall crude oil potential (reserves and resources) is around 746 Gt. The reserves of conventional crude oil, which form the bulk of the world's supply of liquid hydrocarbons, amount to 174 Gt. Thus, more crude oil has already been consumed (around 205 Gt) than is currently reported in conventional reserves.

BGR collects and evaluates all accessible information on the worldwide distribution and availability of crude oil

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