Worldwide reserves, oil production post modest rise

Conglin Xu Senior Editor-Economics Laura Bell Statistics Editor Worldwide oil and gas reserves estimates have increased slightly from a year ago, according to OGJ's latest survey of proved reserves. Total oil reserves are now estimated at 1.64 trillion bbl, while the world's gas reserves are 7.02 quadrillion cf, up 0.4% and 2%, respectively, from a year earlier. The share of the world's reserves that are located in member countries of the Organization of Petroleum Exporting Countries declined from the previous survey for both resources. Worldwide oil production edged up nearly 1% in 2013, led by higher production in the Western Hemisphere. OPEC oil production is estimated to have declined...

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