World oil reserves rise, say German analysts

HAMBURG – The world’s proven commercially-viable oil reserves increased by one percent to 173.3 billion tons in 2004, the German oil industry news service EID reported.

Hamburg-based EID said the rise was chiefly due to higher reserves reported last year in Africa, chiefly in Nigeria and Libya.

At 173.3 billion tons, the reserves would cover the world’s needs for 50 years at current levels of consumption, the EID newsletter said.

The reserves are those which are proven and which, using today’s production technology, are commercially viable.

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