Crude oil production climbs as reserves post modest rise

12/20/2004
Worldwide reserves of crude oil and natural gas have changed little from those of a year ago in Oil & Gas Journal's annual estimate.Global oil production increased during 2004 in response to greater worldwide demand for petroleum products. Russia's oil production continued to grow.Click here to view the Worldwide Production Report (34 pages) in PDF.Worldwide oil reserves are now estimated at 1.28 trillion bbl, up 1% from the last estimate (OGJ, Dec. 22, 2003, p. 43). The new estimate of gas reserves is 6.04 quadrillion cu ft, down from the previous estimate.Reserves in member countries of the Organization of Petroleum Exporting Countries moved up slightly, while oil production by ...
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