By Admin 
Imagine, what would happen if one day suddenly it is written on the petrol pump that the fuel is out. Major economies of the world are dependent on oil, but the reserves of many countries are decreasing rapidly. In such a situation, the question arises that in which countries can petrol and diesel run out first? And where do India-Pakistan stand in this list? Latest figures show that countries which have low reserves and high consumption are in real danger.
Why do oil reserves become power?
In today’s world, crude oil is not just a fuel but is the backbone of the economy. If there is even a slight stoppage in supply, prices go up and the impact falls directly on the pockets of the common man. For this reason, every country looks at its oil reserves as a protective shield.
Globally, there are more than 1.7 trillion barrels of proven oil reserves. According to the current consumption, they can last for about 47 to 50 years, but this is an average picture. The real story is hidden in the different circumstances of every country.
Which countries may run out of oil first?
Reserve-to-production ratio i.e. the ratio of reserves and production estimates how many years a country’s oil can last. In countries where production is high and reserves are low, oil can run out quickly.
If new sources are not found, earlier industry estimates for countries like Argentina, Indonesia and Mexico have suggested that their traditional oil reserves may be exhausted in about 10 to 12 years. Even the old reserves of big producing countries like China and Angola are considered limited. Pressure is also increasing on countries like Malaysia and Algeria.
Regarding the conventional oil reserves of United Kingdom and Italy in Europe, it is also estimated that these may decrease significantly in the coming 10 to 15 years. Australia has very little domestic reserves and fuel storage there is considered to be needed only for a few weeks, so it has to depend on imports.
However, it is important to keep in mind that depletion of oil reserves does not mean complete depletion, rather it means depletion of economically cheap and easily extracted oil.
At what position is India?
India is the third largest oil consumer in the world, but in terms of its reserves, India does not come among the top countries. The amount of proven oil reserves that India has is equal to about 2 to 3 years of its annual consumption.
India imports about 85 to 88 percent of its crude oil requirement from abroad. This is the reason why movements in the global market quickly impact India.
Recently, Petroleum Minister Hardeep Singh Puri told Parliament that India’s strategic petroleum reserves and other stocks combined can meet the country’s needs for about 74 days if there is a major disruption in supply. This means that India is not completely empty, but it will be difficult to go for a long time without imports.
situation of pakistan
Pakistan is said to have proven oil reserves of around 0.5 billion barrels and ranks very low in the global list of reserves. Compared to its annual consumption, its domestic reserves are only equal to about one to one and a half years.
Pakistan is also dependent on imports for crude oil and refined products. Apart from this, the domestic reserves of natural gas are also gradually decreasing, which are estimated to decrease in the next two decades, hence energy security remains a big challenge for Pakistan.
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