World's proven oil reserves rise

World's proven oil reserves rise 0.1% in 2003: BP review

London (Platts)--15Jun2004


The world's remaining proved oil reserves in the world stood at 1.147-trillion
bbl at the end of 2003, up 0.1% from 1.146-trillion bbl a year earlier, BP
said Tuesday in its Annual Statistical Review of World Energy. 

The Middle East continued to dominate global reserves, accounting for 726.6-bil bbl, or 63.3%
of the total, down from 726.8-bil bbl at end-2002. US oil reserves fell to
63.6-bil bbl over the year from 65.5-bil bbl while Central and South American
reserves rose by 1.7-bil bbl to 102.2-bil bbl. The biggest single reserves
boost--2.1-bil bbl--was in Russia, whose reserves rose to 69.1-bil bbl from
67-bil. Brazil and Venezuela each saw their reserves boosted by 800-mil bbl
and Argentina by 400-mil bbl. But Colombian reserves fell by 300-mil bbl. In
the Middle East, Saudi oil reserves dipped slightly, from 262.8-bil bbl to
262.7-bil bbl. Omani reserves were also slightly lower, 5.6-bil bbl against
5.7-bil bbl at the end of 2003.

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