The UAE's proven oil reserves have slipped by only around 300 million barrels over the past two decades although the country has pumped in excess of 14 billion barrels, according to new statistics by British Petroleum (BP). From around 98.1 billion barrels at the end of 1988, the UAE's recoverable oil deposits dropped by just 300 million barrels to 97.8 billion barrels at the end of 2008, BP said in its annual statistics review of global oil and gas resources. "Global proved oil reserves in 2008 fell by three billion barrels to 1,258 billion barrels, with a reserve to production ratio of 42 years," BP said. "Global proved reserves of natural gas increased by 7.97 trillion cubic metres in 2008 to 185.02 trillion cubic metres and the R/P ratio increased to 63.1 years." Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .