text: how much oil is there in the world? and how much is it worth? according to the dept of energy there are about 6,000 billion barrels of crude oil still in the ground. of this only about 3,000 billion barrels is recoverable.  based on current estimates of consumption, oil production will peak about 2050 and rapidly decline from there.  remember these are estimates only and made by a government agency. it could be better or it could be worse.