Speaking on 15 June the launch of the BP Statistical Review of World Energy 2004, which includes energy data up to 2003, BP chief economist Peter Davies said: “Despite those who say we are about to run out of oil and gas, the figures in the Review confirm there is no shortage of reserves. Production in some provinces may have peaked, but this is no reason for current high prices.” This year’s Review includes new series of data on proved oil and natural gas reserves, incorporating data from primary sources and a wider range of secondary sources to derive more accurate and timely reserve figures. The new data estimate total world oil reserves at 1.15 trillion barrels, around 10% higher than those previously reported for 2002. Global oil reserves have increased almost continuously over the past 30 years, and world reserves now represent 41 years of production at current rates: in 1980, when the Review’s new data series begins, reserves equivalent to only 29 years of production were known. The world has now produced some 80% of the oil reserves that were known in 1980, yet exploration success and application of technology has led to current reserves that are 70% higher. <[> Global natural gas reserves of 176 trillion cubic metres, 13% higher than those previously reported for 2002, have also been rising consistently. Gas reserves have more than doubled since 1980 as a result of exploration, new technology, and the ‘unstranding’ of gas reserves through liquefied natural gas and other technologies. Among the current Review’s interesting and germaine statistics, it points out that the world’s oil consumption grew strongly in 2003, increasing by 1.5m. brl/d to 78.1m. brl/d (1.9%), with strongest growth coming in Asia Pacific. World consumption of natural gas grew by a relatively-weak 2% as demand in the world’s largest market, the USA, contracted by 5%. Outside the USA, demand growth averaged over 4%. Global gas production rose 3.4% in 2003; as in 2002, in North America gas production fell, led by reductions in Canadian output. Russian gas production continued to expand, however, rising over 4%, while production in Europe fell with declines coming from the UK, Italy and Netherlands. Balancing this, production in Norway rose strongly, up by 12%. The BP Statistical Review of World Energy is available at: www.bp.com/statisticalreview2004. The website provides the data contained in the printed edition plus additional historical data, tables and topics and tools to assist analysis.