“So what happens when OPEC runs out of oil?”
That’s the question I raised with OPEC secretary general Abdalla El-Badri, during a recent industry gathering in Dubai. His reply was that the oil cartel has enough supply to last a further 60 years.
“There will still be oil well past my lifetime, and probably past yours too,” he said.
It’s undeniably that OPEC countries, which hold 80 percent of the world’s proven oil reserves, have sufficient oil to last over 70 years, based on current production flows. The UAE alone has enough reserves to last 94 years, according to the BP Statistical Review.