Total discoveries listed as recoverable: 41.577 billion barrels minimum to 44.873 billion barrels maximum
Total discoveries listed as Oil-In-Place: 91.26 billion barrels minimum to 92.8 billion barrels maximum
Remind me, what were the biggest discoveries contributing to the 2010 blip?
I found 2010 Crude Oil: 50 Billion Barrels Discovered, 30 used
with this Al Fin quote:
With the price of oil hovering above $70 a barrel for over a year -- and around $90 a barrel for several weeks -- oil exploration companies can get to work discovering rich new oil fields. In 2010, more new oil was discovered than was consumed -- and we can expect that trend to continue as long as oil stays high -- above fundamentals. OPEC is sitting on considerable reserve production.
Bluntly put, the world is sitting on far more crude oil than it knows what to do with at this time. Human incompetence, corruption, and lack of skilled manpower and state-of-the-art equipment chokepoints contribute to the real disconnect and lag between moment-to-moment demand and instantaneous supplies.
Political peak oil: The only kind of peak oil you will ever see, except for peak demand, when oil is no longer needed.