World oil reserves enough for 50 years

Saudi Arabian Oil Minister Ali al-Naimi says the world oil reserves are sufficient to satisfy global oil consumption for the next 50 years.

There are still many parts of the world that have plenty of reserves but discovery and exploration of oil in those areas have not taken place yet, Fars News Agency quoted al-Naimi as saying.

Current estimated global oil reserves are more than 4,500 billion barrels and this is enough for the world consumption in the next 50 years.

He noted that utilization of advanced technology increases the possibility of discovering additional oil reserves in the world, adding that shortage of oil does not threaten global economic growth in the near future.