BAKU, Azerbaijan, Nov.30
By Leman Zeynalova – Trend:
World oil reserves have changed from 1.233 trillion barrels in 2000 to 1.712 trillion barrels in 2019, Trend reports with reference to Italian Eni’s World Oil Review.
In 2005, this figure stood at 1.321 trillion barrels, rising further to 1.620 trillion barrels in 2010. The reserve estimates continued rising to 1.655 trillion barrels in 2015, 1.656 trillion barrels in 2016, 1.659 trillion barrels in 2017, 1.662 trillion barrels in 2018 and 1.712 trillion barrels in 2019.
Europe accounted for 15.379 billion barrels of world oil reserves in 2019, while Russia and Central Asia’s reserves stood at 118.301 billion barrels, Middle East - 847.775 billion barrels, Africa – 119.451 billion barrels, Asia-Pacific – 49.671 billion barrels, Americas – 562.015 billion barrels.
According to BP estimates, total proved oil reserves of the world stood at 1.733 trillion barrels in 2019, as compared to 1.735 trillion barrels in 2018.
This is while at the end of 1999 and at the end of 2009, this figure was estimated at 1.277 trillion barrels and 1.531 trillion barrels, respectively.
Oil consumption grew by 0.9 million barrels per day (b/d), or 0.9 percent slightly lower than the 10-year average of 1.3 percent p.a. Growth was led by China, where demand rose by 680,000 b/d, the largest increase in the country’s demand since 2015.
Elsewhere in the developing world, growth was below average, with Iran (180,000 b/d) the only major exception. OECD demand fell by 290,000 b/d, the first decline since 2014.
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