Oil giant BP has just released its annual Statistical Review of World Energy, according to which the world's proven oil reserves displayed their first drop in a decade in 2008. The company said that its proven reserves figure stood at 1.258 trillion barrels in 2008; that's 3 billion barrels less than in 2007.

However production growth exceeded that of consumption for all fossil fuels, said BP's CEO Tony Hayward. "Our data confirms that the world has enough proved reserves of oil, natural gas and coal to meet the world's needs for decades to come," he said.