Carnegie Mellon University
Conventional Oil Resources

The following conventional oil resouces provide background information and suggested links for data in global energy, economics, market trends, and frequently asked questions (FAQ). Compiled and assessed by: Sriram Bharadwaj, Nicolas Cerquera, Varun Deshpande, Ayush Garg, Raafe Khan (2017 updates by Coral Keller and 2018 updates by Kojo Quaye)

Ernst and Young is a multinational professional services firm headquartered in London, United Kingdom and is one of the “Big 4” professional services firms. This report presents the worldwide and regional exploration and production (E&P) results for 75 companies for the five-year period from 2009 through 2013. The report is a compilation and analysis of certain oil and gas reserve disclosure information as reported by companies in their annual reports filed with the United States (US) Securities and Exchange Commission (SEC) or in their publicly available annual reports. Ernst and Young also published the US oil and gas reserves study (2017), wherein the report presented the US exploration and production (E&P) results for the five-year period from 2011 through 2015 for the largest 50 companies based on 2016 end-of-year oil and gas reserve estimates.

Global report:$FILE/Global_oil_and_gas_reserves_study.pdf

US report (2017):$FILE/ey-us-oil-and-gas-reserves-study-2017.pdf 

Deloitte is the largest professional services network in the world by revenue and by the number of professionals. It is one of the “Big Four” professional services firms. Deloitte prepares an annual report wherein they identify issues that are of interest to the sector and also analyzes these challenges and predicts the trends that would follow. This energy resource report has analysis based on industry fundamentals like macro-economic conditions, supply-demand balance, regulatory constructs, cost components, commodity prices, competitive behavior and the impact of geopolitics and the related use of energy as a diplomatic tool.


The World Bank is an international financial institution that provides financial and technical assistance to developing countries for capital programs. This report summarizes the annual energy use in Kg equivalent for oil per capita for all countries based on data availability ranging from 1980 to 2014. The values represent primary energy including production, imports, stock changes with exports and fuels for international transport subtracted.This data is available in tabular form, as a visual representation on a world map or as a graph and can even be exported in three different formats.  

Electricity production from oil sources:

Kg equivalent of oil per capita:

OPEC is an international organization whose members are oil exporting nations committed to coordinating and unifying petroleum policies in order to fairly regulate the international oil market. The Monthly oil market report is a comprehensive document detailing the economics, demand and supply in the international oil market. The latest report (April 2018 edition) captures the world oil demand (in Million barrels/day) in tabular and graphical form and is categorized in terms of OECD and other nations, as well as world oil supply in the same categories. Both sections include quarterly breakups and forecasts. Trends and fluctuations in demand and supply for many nations and regions are also been discussed in these sections. 

British Petroleum (BP) produces fuel for transportation, energy for heat and light, lubricants for engines and petrochemical products used to make everyday items. The BP Statistical Review of World Energy report of June 2017 provides information of proven oil reserves of all oil producing nations on page 12 along with production rate in units of daily number of barrels on page 14. This oil production data includes crude oil, shale oil, oil sands and NGL but excludes biomass and derivatives of coal and natural gas. A world map showing oil consumption per capita for the year 2016 is available on page 18 along with detailed information about spot prices and major oil trade movement on subsequent pages -

The International Energy Agency (IEA) is a trans-national organization with 29 member countries dedicated to the creation, analysis and forecast of energy strategies that affect economic and social development. This report focuses on delivering current data on the trends from the oil market. Specific and valuable information on present oil trade routes and international exports and world oil production is available. It clusters information per economic group, which facilitates comparisons and forecasts. The summary document is available, and the free full report is available upon email registration - 

The National Academies of Sciences, Engineering, and Medicine are private, nonprofit institutions that provide expert advice on some of the most pressing challenges faced by the United States on a variety of issues. Their analysis helps shape sound policies, inform public opinion, and advance the pursuit of science. In this link the NAS talks about historical trends of demand-supply as well as production and consumption of conventional oil. They briefly talk about some of the legislations and regulations surrounding oil as well as touch upon environmental concerns surrounding oil. There are forecasts which talk about oil production in 2030, and how a multitude of factors can affect the two major economies in the world - China and India.

also relevant -

The Energy Information Administration (EIA) is among the most reliable and competent of America’s sources of energy information and energy modeling. EIA provides exhaustive information on oil from varied perspectives, which also makes it one of the most used and cited sources for energy related information across the United States. The first link given below talks about oil in general and discusses crude oil refining, sources, import-export trends, differences between offshore and onshore, uses of oil in the United States as well as price outlook and environmental issues. The second link has tabulated information regarding oil imports, exports, consumption and prices regarding petroleum. The third link talks about the US-Russian policy on oil. It is a complete analysis taking into account factors like history, geopolitics, nationalist agendas, origin, exploration and production of oil.

There are numerous methods for locating oil reserves including core drilling, areal study of sub surface rock, torsion balance and seismographic surveys. Details of these methods have been captured in the articles below.

An oil spill is a form of pollution, wherein there is a release of liquid petroleum hydrocarbons into the environment, particularly marine areas due to anthropogenic activity. An oil spill can have a catastrophic impact on the environment. It can damage beaches, marshlands and other fragile ecosystems. It can kill birds, fish and a variety of organisms while having lasting impact on the environment. More details are captured in the links below.

The following blog and IEA links discuss a broad demarcation of oil into conventional and unconventional.

A 2005 report by the Department of Energy outlines the definition and outcomes of a peak oil situation. Many argue that “peak oil” is greatly exaggerated and has been predicted to have happened already but has been delayed by various technological improvements. 

Improvement of technology has tackled the main concerns regarding oil scarcity. The resources are fully explored and the output rates from an extraction zone increase. Therefore, production has increased in recent years. Improvements in technology are described in the links below.

Current oil price information can be found in the link below. In the US the price generally taken is tied to West Texas Intermediate crude. It also provides historical oil price data. 

This is not a straight science, which means that prices are not primarily dependent on forces of demand and supply. There are a multitude of factors at play when oil prices are determined in the global energy market. This topic is covered in comprehensive detail in the links below.

The second link offers a holistic answer on how the prices are determined. They include a multivariable approach and also show the effect of non-market factors on oil prices. The first reference link has some interactive graphs that are both informative and intuitive. The third link is a short video by the ‘Telegraph’, which explains how the pricing process works. The fourth link offers an overview of the scenario with respect to the United States.