World oil and gas reserves still growing at healthy pace: BP

“2003 was a turbulent year in the world’s energy markets, with supply disruptions, strong growth in both demand and production of oil and coal, and the highest prices in the oil and gas markets for 20 years,” said BP Chief Economist Peter Davies.

However, he said, “The high prices were not driven by fundamental resource shortages: In 2003 the world’s reserves of oil and natural gas continued their long term trend of growing faster than production.”

OGJ