London: World oil consumption fell by 420,000 barrels per day (bpd) in 2008, the biggest decline since 1982, BP said on Wednesday in the latest edition of its annual Statistical Review.
Fuel use continued to increase in emerging economies, notably China, which consumed an extra 260,000 bpd, but the developed world used much less. OECD consumption dropped by 1.5 million bpd, led by a 1.3 million bpd fall in the United States.
The annual review also said the world’s proven oil reserves fell by three billion barrels to 1.258 trillion barrels by the end of 2008 from a revised 1.261 trillion at the end of 2007.
Declines in countries including Russia, Norway and China offset increases in Vietnam, India and Egypt.
Oil production increased by 380,000 bpd to 81.8 million bpd.
The Organization of the Petroleum Exporting Countries agreed output cuts late last year after prices crashed from a record high of nearly $150 hit in July, but its 2008 production was still 990,000 bpd higher, BP said.
Saudi Arabian output rose by 400,000 bpd.
Russia’s production dropped by 90,000 bpd, the first decline since 1998, and OECD output fell by 750,000 bpd.
Mexican oil production, which fell by 310,000 bpd, experienced the biggest decline.