Over A Million Barrels Of Oil A Day Lost To Depletion
The world is now losing more than a million barrels of oil a day to depletion â twice the rate of two years ago â according to a new analysis published this month in Petroleum Review, the oil and gas magazine of the Energy Institute in London.
The analysis shows that output from 18 significant oil-producing countries, accounting for almost 29 percent of total world production, declined by 1.14 million barrels a day (mb/d) in 2003. The annual rate of decline also appears to be accelerating, contrary to the widely held view that depletion progresses slowly.
Based on data in the latest BP Statistical Review of World Energy, production from this group of 18 countries peaked in 1997 at 24.7 mb/d and by 2003 it had fallen to 22.1 mb/d. In 1998 their total production dropped by less than one percent, whereas last year it declined by nearly five percent.