Now that's an interesting question
this post was submitted on 05 Oct 2023
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We were supposed to have exhausted the earths oil resources 25 years ago.
Counting these resources is very tricky. You could just ask mining companies how much resources they have, but that number tends to increase as they drill more. See JORC code for more info.
Drilling is expensive, so the company won’t drill any more than they absolutely have to in order to convince the investors. This means that outside the measured mineral resources there’s usually a lot that is only indicated or inferred. Since, the confidence in those parts tends to be very low, the companies can’t really report those numbers as proper mineral resources. However, they can confidently report the measured and proved resources, so those are the numbers you’ll usually see in the news articles.