BP: US Beats China's Oil Demand Growth in 2013



Reserves

BP raised its estimate of global proved oil reserves by 1.1 percent to 1,687.9 billion barrels at the end of 2013, enough to meet 53.3 years of current global production.

U.S. reserves estimates were increased by 26 percent to 44.2 billion barrels, and Russia's by 6.7 percent to 93 billion barrels.

The company cut its estimate of global reserves of natural gas for a second year in a row to 185.7 trillion cubic metres (tcm), enough to meet 54.8 years of global production.

The decline by less than 1 percent was mostly due to Russia, where reserves estimates were reduced by 4.9 percent to 31.3 tcm, the BP data showed.

(Editing by Dale Hudson)


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