BP Says Oil Reserves Slipped For The First Time In A Decade

china oil

The world’s proved oil reserves fell by 3 billion barrels between from 2007 to 2008, according to BP’s world energy guide which came out this morning. The report, which we’ve embedded below, is loaded with pretty charts and enough data to drown Nate Silver.

While reserves are down, we’ve got enough oil to last us for many more years, says BP CEO Tony Hayward in the intro the report. “The challenges the world faces in growing supplies to meet future demand are not below ground, they are above ground. They are human, not geological.”

Also of note in the report, coal is the fastest growing fuel for the sixth straight year driven by China’s surging demand. Coal consumption rose by 3.1%, but if you strip out China’s 6.8% growth in demand, and it’s only .6%. China accounted for 43% of the world’s consumption of coal.

Other Highlights:

  • Oil consumption fell by .6%, or by 420,000 barrels per day (b/d) in 2008, while oil production rose by .4% or 380,000 b/d.
  • Oil production outside of OPEC fell 1.4% or 610,000 b/d.
  • Global natural gas consumption grew by 2.5%, with production growing by 3.8%.
  • Nuclear output dropped by .7%.
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BP’s Statistical Review of World Energy Full Report 2009

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