Global proven oil reserve increased 7.7% to reach 1,637 billion barrels at the end of 2012 from 1,520 billion barrels at the end of 2011, enough to maintain global use for 48.8 years, according to a report by Turkey's state-run oil company, Turkish Petroleum Corporation, or TPAO.
The increase mainly owed to TPAO's upward reserve revisions in Iran and Venezuela.
The daily oil production also rose 2.5% and reached at 90.9 million barrel per day in 2012 from 88.7 million barrel per day in 2011 as the 2.2 million barrel rise offset the hike in annual oil demand.
Brent oil still over $100
Price of Brent oil was up at $111.67 per barrel at the end of 2012 from $111.26 per barrel at the end of 2011 as the global price benchmark hovered above $100 per barrel for two years in a row.
On the other hand, the average price of crude oil slowly decreased at $94.88 per barrel in 2012 from $94.05 per barrel in 2011.
The decrease of oil supply in South Sudan, Yemen, Syria and around the North Sea region primarily caused fluctuations in oil prices in 2012.