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BP review: World oil production capacity 'comfortably exceeds' demand. Oil and Gas Journal, 2nd June 2003, 101(22) p.

Global energy consumption increased by 2.6% in 2002 vs. the year before, well ahead of the 10-year trend of 1.4%/year. Worldwide oil production capacity, meanwhile, exceeds world demand and world oil supplies are becoming more diverse. BP's report said that producers were able to meet the needs of oil consumers during the Iraq war and during unplanned supply disruptions in Venezuela and Nigeria. Further, cConsuming nations were not required to tap their emergency reserves.

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