MIght there be more oil than previously thought?

A quick look at the oil market:

Saudi official: 82% of crude is untapped - The Boston Globe:

"The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said yesterday, challenging the notion that supplies are petering out."

And from the Gulf Times:

"Jum’ah’s estimates show a potential of 4.7tn barrels of oil, “or more than 140 years of supply at today’s current rate of production.’"

But of course, demand will also pick up:

Rex W. Tillerson, chairman of Exxon Mobil Corp., said world demand for oil will increase by 50 percent in the next decade."

And of course there are still global warming concerns. But minimally this shows the difficulty in forecasting.