The most important factor in the abundance of oil is the continued growth in global population, which is projected to top 9 billion by 2050 The world population is expected to grow from 6 7 billion today to 9 billion by 2050 The growth in population will come from developing countries, in particular China and India, with their fast-growing economies

The amount of oil used to produce the goods and services consumed in the world will increase with the growth of population, incomes, and standards of living Oil is the dominant energy source for transport fuels and will remain so for decades to come

The oil industry has invested heavily in finding and developing new sources of oil and in improved recovery methods to extract more oil from existing fields This has resulted in a great increase in the amount of oil available to the world