World oil output falls for first time since 2002

LONDON (Reuters) – World oil production fell by 0.2 percent in 2007, the first decline since 2002, and proven oil reserves were flat, BP Plc said in an annual review released on Wednesday.

Production fell by 130,000 barrels per day (bpd) last year to 81.53 million bpd and reserves were essentially flat at 1.24 trillion barrels, London-based BP said in its 2008 Statistical Review of World Energy.


The figures compiled by BP underline the world’s challenge of boosting production to meet growing demand. Oil prices have been rising since 2002 and last week hit a record $139.12 a barrel, partly because of supply concerns.

“The defining feature of global energy markets remains high and volatile prices, reflecting a tight balance of supply and demand,” said Tony Hayward, BP’s chief executive, at the launch of the review.

“This has put issues such as energy security and alternative energies at the forefront of the political agenda worldwide.”

Reuters