BP annual SRWE shows 8% oil reserves growth in 2010.

Global oil consumption grew by less than 1% to reach 88m barrels a day in 2011 notwithstanding the Brent crude price averaging $111 a barrel, an increase of 40% on 2010, the BP Statistical Review of World Energy shows. Guardian: Annual production of oil increased by 1.1m b/d due to output reaching record levels in Saudi Arabia, the UAE and Qatar while demand was strongest in China – up 5.5%. ….The statistics show UK oil production falling 17% and gas output down 21% while global oil reserves are still large enough to serve current demand for 54 years, according to BP. Global proven oil reserves totalled 1,653bn barrels at the end of 2011, up 8% on the previous year, due to new discoveries and high oil prices which have made tar sands and marginal fields more economic to exploit. Addressing continual concern that the world is close to “peak oil” when demand cannot match supply, BP chief executive, Bob Dudley, said: “The world is not structurally short of hydrocarbon resources – as our data on proved reserves confirms year after year but long lead times and various forms of access constraints in some regions continue to create challenges for the ability of supply to meet demand growth at reasonable prices”.”