Wednesday, June 15, 2005

Oil reserve growth stalls

In line with expectations of oil pessimists the annual authoritative industry survey produced by BP showed that growth in oil reserves worldwide all but halted in 2004. When this data is combined with the oil megaprojects survey released earlier this year by Petroleum Review, the case for an early world oil production peak is strengthened. The odd thing, of course, is that reserve growth is stalling even as prices are rising, something which normally spurs new discovery and the reclassification of formerly uneconomic reserves.

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