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Oil has been the ruling sources of world energy since the 50s. The relatively affordable supply of oil has been the backbone of the revolutionary economic growth experienced in the western world. It is predicted that the demand for oil will rise in the future. However, will expansion in production be able to accommodate such a change?

The cause and effect of peak oil production and increasing prices bring harsh outcomes. The volatility of oil price brings the question, whether oil really is a reliable source of energy? To evaluate the peak production level giant oil fields are used as yardsticks.

In the largest oil field in the world, approximately 500 million barrels of oil can be collected. Only 1 percent of the fields are giant, in other words, there exist 507 giant oil fields. The contribution of these large oil fields is enormous they supply up to 60 percent of global demand, as per 2005.

Now, gigantic oil fields are becoming a modern scarce phenomena. Most of the largest oil fields are already more than 50 years old. Recently, the giant fields discovered are a bit smaller than the former connoted immense oil field. Most of the large oil fields that exist today are found close to Persian Gulf.

The large and dominant oil fields today will also be governing the production of oil in the future. There is an annual computation of URR (calculation of what can be produced), which determines the capacity of the oil fields in the future. There are also field-developments and research conducted to evaluate the potential of heavy and sand oil production.

How much is left in the global jar of oil is a question that might trouble us in the future. Oil is a limited source of energy. It is necessary that more alternative and renewable sources of energy are developed to extend the life-cycle of typical oil fields.