World oil reserves rise, say German analysts

17th January 2005, Comments 0 comments

18 January 2005, HAMBURG - The world's proven commercially-viable oil reserves increased by one percent to 173.3 billion tons in 2004, the German oil industry news service EID reported. Hamburg-based EID said the rise was chiefly due to higher reserves reported last year in Africa, chiefly in Nigeria and Libya. At 173.3 billion tons, the reserves would cover the world's needs for 50 years at current levels of consumption, the EID newsletter said. The reserves are those which are proven and which, using tod

18 January 2005

HAMBURG - The world's proven commercially-viable oil reserves increased by one percent to 173.3 billion tons in 2004, the German oil industry news service EID reported.

Hamburg-based EID said the rise was chiefly due to higher reserves reported last year in Africa, chiefly in Nigeria and Libya.

At 173.3 billion tons, the reserves would cover the world's needs for 50 years at current levels of consumption, the EID newsletter said.

The reserves are those which are proven and which, using today's production technology, are commercially viable.

Saudi Arabia continues to account for the most reserves, at 20.4 percent of the world's total, followed by Canada (13.9 percent), Iran (9.9 percent) and Iraq (8.9 percent). The Organisation of Petroleum Exporting Countries combine for 69.4 percent.

The world's largest oil producer in 2004 was Russia, at 447.5 million tons, a rise of 8.6 percent from the year before. Russia thereby surpassed Saudi Arabia, whose output increased 3.2 percent to 437.5 million tons.

The United States was the third-largest producer, at 270 million tons, down 5 percent from 2003. Iran produced 197 million tons of oil in 2004 a gain of 4.1 percent, the EID report said.

DPA

Subject: German news

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