I was looking at data on the Energy Information Administration's website which says that 100.21 million barrels of oil were produced every day in 2019 (source). Then, its says that 100.23 millions of barrels of oil were consumed every day (source). So, if it's true that consumption exceeds production, does this mean there are already reserves of oil that have been extracted in previous years?
But, when I look up what "oil reserves" are on Investopedia, it says:
Oil reserves are an estimate of the amount of crude oil located in a particular economic region. To qualify, oil reserves must have the potential of being extracted under current technological constraints. Reserves are calculated based on a proven/probable basis, meaning oil pools situated in unattainable depths, for example, would not be considered part of a nation's reserves.
So, my questions are:
- What are barrels of oil that are already extracted and sitting around waiting to be used called, and
- Which countries have these already-extracted oil reserves, and how big are they?