Global oil producer BP reported that oil reserves fell for the first time in 10 years…from 1.261 trillion barrels to 1.258 trillion barrels. Enough reserves for about 42 years at current production rates, according to the company.
You can read the full report here.
Some quick highlights:
- Global oil consumption fell by 0.6% in 2008 – the largest decline since 1982
- Meanwhile, production increased by 0.4% for the year
- World natural gas production grew by 3.8% in 2008, with consumption only increasing by 2.5%…less than the historical average