According to the latest BP Statistical Review of World Energy, total global reserves, by fossil fuel, are now:
Coal - 1,139 billion tonnes
Natural Gas - 187 trillion cubic meters
Crude Oil - 1,707 billion barrels
While these volumes may seem large at a glance, at today's level of extraction and production rates, BP's estimated proved reserves*, by fossil fuel, would be exhausted as follows:
Coal - year 2169
Natural Gas - year 2068
Crude Oil - year 2066
BP dutifully acknowledges the abundance of factors that could easily alter these projections, but these factors do not alter the global policy imperitive to support sustainable fossil fuel extraction and development. All we need now is to define "sustainable" against ever changing market, political, and social conditions.
* Estimated years of extraction-remaining are estimated as the ratio of proved reserves to production per year.
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The first half of 2018 saw a continuation of the pickup in global economic growth and industrial production which has supported global steel output and thus demand for metallurgical coal. Metallurgical coal is used to produce coke for steel manufacturing and it is a less abundant form of coal. As China is fastest growing economy and highest share of world metallurgical coal importer (24% in 2017) as a result, China is one of the highest world’s metallurgical coal consumer which is contributed increase in worlds consumption of the coal.
Source: BP Statistical Review of World Energy June 2015
Energy Production Forecast | Energy Consumption Forecast Source: BP Energy Outlook 2035, February 2015
Key Findings: 1) India has a good reserve of coal and lignite the estimated reserves of coal was around 286 billion tones, an addition of 9 billion over the last year 2) There is high potential for generation of renewable energy from various sources- wind, solar, biomass, small hydro and cogeneration bagasse. The total potential for renewable power generation in the country is estimated at 89760 MW