Middle East Economic Survey


No 25


BP Statistical Review Shows Oil Reserves Continuing To Outstrip Production

Worldwide oil consumption grew by 2.5mn b/d in 2004 and OPEC responded to surging demand and rising prices by raising its crude oil and NGLs output by 2.24mn b/d, according to the latest annual BP Statistical Review of World Energy. The report shows that once again oil reserves additions outstripped production last year. Launching the report in London on 14 June, BP...