Hey kiddo, so do you know what oil is? It's a slimy liquid that we use to run our cars and make electricity which makes our homes bright and warm.
Oil reserves refer to the amount of oil that is stored in the Earth's crust. Imagine you have a big jar of candy and it's full of lots of different candies. It's the same with the Earth's crust, it's full of different minerals, rocks and also oil.
To get the oil out, we need to drill deep holes in the ground and pump it up. But there is a limited amount of oil in the world, so we need to find new oil fields or use less oil in order to not run out of it completely.
Some experts believe that soon we may run out of oil, and then we will need to find other sources of energy, like the sun or wind, to help us run our cars and homes. It's important to conserve our resources so that we can ensure a bright future for everyone.