World Oil Reserves Up Eight Pct, Supply Fears Persist
From Reuters
The world’s store of oil jumped 8.3 percent last year, as exploration rose and record crude prices made marginal projects commercially viable, yet supplies will struggle to meet demand due to political factors, oil giant BP (BP.L) said on Wednesday.
BP said in its annual calculation of global oil and gas reserves, considered the industry’s most comprehensive, that oil reserves totaled 1,653 billion barrels at the end of 2011.
