Volume 2, issue #19 - 14-07-1997

June 23, 1997 The world's proven crude oil reserves grew by over 1.5 billion tons, or 1 %, to an all-time high of some 140 billion tons last year, a study of the Esso revealed. According to the study conducted by the German subsidiary of Esso, the global crude oil production rose by 97 million tons to nearly 3.4 billion tons last year, mainly thanks to higher oil prices.
The world crude oil consumption also increased by 44 million tons last year to 3.3 billion tons. About one-third of the increase was accounted for by China and Southeast Asian countries, the survey showed.
Saudi Arabia remains the world No.1 oil-rich nation with more than 25 % of the global reserves, while members of the OPEC as a whole account for 75% of the world crude oil reserves.
Saudi Arabia was also the world's largest oil producer which accounted for 12 % of the world oil output last year.
The United States was the world largest oil user with a consumption of 814 million tons, or almost 25 % of the world's total, last year.