There’s enough oil left to last for 40 years, says BP

“There is no global resource or reserve shortage,” said Peter Davies, chief economist at BP.

He was speaking as the company published its annual review of world energy trends.

The report said that the amount of proved oil left in the world was 1.15trillion barrels, 10pc more than it estimated last year. It would take 41 years for this to be depleted, the report added.

Telegraph