There is no oil scarcity in the world, "there is plenty of oil in the world", Dr. Rafael Sandrea, president of IPC Petroleum Consultants Inc., a Tulsa base International consulting firm, speaking at a press conference at the OTC energy conference in Houston, on Wednesday, insisted.

...Contrary to the case of scarcity of oil reserves, Sandrea proves with his model that global crude oil and natural gas reserves are still strong and only 20% of the discovered reserves have been used.


Even do some experts for see a crucial inflection point ahead, base in historic discovery rates, and their estimates of decline, in the world hydrocarbons reserves, claiming that a peak oil and gas production is looming and a collapse in in the horizon, Sandrea, said that until now, nobody has made a credible attempt to quantify future potential oil and gas supply in detail, ands on a global basis.

Sandrea concludes that, contrary to the well publicize "Peak Oil theory" that oil & gas reserves are in imminent danger of "falling from cliff", there is in fact spare capacity available with the demand and supply remaining in balance for decades to come.