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Brazil, India, Russia increased global proven oil reserves by 0.5% in 2010 says BP

Wednesday, June 8th 2011 - 23:16 UTC
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Bob Dudley, BP Chief Executive confirmed China became world’s largest consumer of energy Bob Dudley, BP Chief Executive confirmed China became world’s largest consumer of energy

Global proven oil reserves rose by 0.5% in 2010, boosted by increases in Brazil, India and Russia, according to British Petroleum. Deposits advanced to 1.3832 trillion barrels at the end of last year from a revised 1.3766 trillion in 2009, BP said in its annual Statistical Review of World Energy.

Brazil’s deposits rose 10% to 14.2 billion barrels and India’s available oil climbed 55% to 9 billion barrels. Saudi Arabia’s reserves remain the largest at 264.5 billion barrels, BP said, little changed on last year. The Middle East has 54.4% of the total, down from 56.6% last year.

Russia, the world’s biggest crude producer, boosted its reserves to 77.4 billion barrels from a revised 76.7 billion a year earlier, according to BP. Russia’s share of the total is 5.6%. Brazil’s deposits rose 10 percent to 14.2 billion barrels, BP said.

Reserves in Norway and Mexico fell last year, according to BP. Output in both countries is in decline. Norwegian oil output will fall 6% this year, its 11th annual drop, according to the Stavanger-based Norwegian Petroleum Directorate.

BP said the estimates in the report are a combination of official sources, OPEC data and other third-party estimates. Deposits include gas condensates and natural-gas liquids, as well as crude.

The report also shows China became the world’s largest energy consumer in 2010 overtaking the US during a year which saw the rebound in the global economy drive consumption higher and at a rate not seen since the aftermath of the 1973 oil price shocks.

Demand for all forms of energy grew strongly in 2010 and increases in fossil fuel consumption suggest that global carbon dioxide (CO2) emissions from energy use rose at their fastest rate since 1969.

The growth in energy consumption was broad-based, with both mature OECD economies and non-OECD countries growing at above-average rates.

”There were both structural and cyclical factors at work,” said Bob Dudley, BP Chief Executive. “The cyclical factor is reflected in the fact that industrial production rebounded very sharply as the world recovered from the global downturn. Structurally, the increase reflects the continuing rapid economic growth in the developing world.

The strong rebound of global energy consumption in 2010 followed the recent global recession. Consumption growth reached 5.6%, the highest rate since 1973. It increased strongly for all forms of energy and in all regions. Total consumption of energy in 2010 easily surpassed the pre-recession peak reached in 2008.

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