According to the International Energy Outlook 2021 (IEO2021) by the U.S. Energy Information Administration (EIA), the world's supply of crude oil, other liquid hydrocarbons, and biofuels should be sufficient to meet demand for liquid fuels through 2050. The availability and demand for liquid fuels in the future are highly speculative. By creating a Reference scenario, High and Low Economic Growth cases, and High and Low Oil Price cases in its predictions, the EIA accounts for some of this uncertainty. According to estimates, the current oil reserves in the earth's crust, along with anticipated production of other liquid fuels, will be enough to satisfy all scenarios under the IEO2021.
The reserves-to-production ratio, which is derived by dividing the volume of all proved reserves by the volume of current annual consumption, is a frequently used but inaccurate indicator of future resource availability. The measurement of proved reserves, an accounting concept based on well-known projects, is not suitable for assessing the long-term availability of all resources. Global reserves are projected to grow throughout time as new technologies boost output at operating fields and as new projects are created.