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BP Statistical Review Of World Energy 2017

BP Statistical Review Of World Energy 2017

Growth in global primary energy consumption remained low in 2016; and the fuel mix shifted away from coal towards lower carbon fuels.

 66th edition of the Statistical Review and the data and analysis provides a window onto another fascinating year in the world of energy.

Bob Dudley, Group chief executive comments, “Global energy markets are in transition. Rapid growth and improving prosperity mean growth in energy demand is increasingly coming from developing economies, particularly within Asia, rather than from traditional markets in the OECD. The relentless drive to improve energy efficiency is causing global energy consumption overall to decelerate. And, of course, the energy mix is shifting towards cleaner, lower carbon fuels, driven by environmental needs and technological advances. BP will play its part in meeting this dual challenge of supplying the energy the world needs to grow and prosper, while also reducing carbon emissions.

Energy developments

Global primary energy consumption increased by just 1% in 2016, following growth of 0.9% in 2015 and 1% in 2014. This compares with the 10-year average of 1.8% a year.

As was the case in 2015, growth was below average in all regions except Europe & Eurasia. All fuels except oil and nuclear power grew at below-average rates.

Energy consumption in China grew by just 1.3% in 2016. Growth during 2015 and 2016 was the lowest over a two-year period since 1997-98. Despite this, China remained the world’s largest growth market for energy for a 16th consecutive year.

Carbon emissions

Emissions of CO2 from energy consumption increased by only 0.1% in 2016. During 2014-16, average emissions growth has been the lowest over any three-year period since 1981-83.

Oil

The Dated Brent oil price averaged $43.73 per barrel in 2016, down from $52.39 per barrel in 2015 and its lowest (nominal) annual level since 2004.

Oil remained the world’s leading fuel, accounting for a third of global energy consumption. Oil gained global market share for the second year in a row, following 15 years of declines from 1999 to 2014.

Global oil consumption growth averaged 1.6 million barrels per day (Mb/d), or 1.6%, above its 10-year average (1.2%) for the second successive year. China (400,000 b/d) and India (330,000 b/d) provided the largest increments.

Global oil production in contrast, rose by only 0.4 Mb/d, the slowest growth since 2013.

Production in the Middle East rose by 1.7 Mb/d, driven by growth in Iran (700,000 b/d) Iraq (400,000 b/d) and Saudi Arabia (400,000 b/d).

Natural gas

World natural gas consumption grew by 63 billion cubic metres (bcm) or 1.5%, slower than the 10-year average of 2.3%.

EU gas consumption rose sharply by 30 bcm, or 7.1% – the fastest growth since 2010. Russia saw the largest drop in consumption of any country (-12 bcm).

Global natural gas production increased by only 21 bcm, or 0.3%. Declining production in North America (-21 bcm) partially offset strong growth from Australia (19 bcm) and Iran (13 bcm).

Gas trade grew by 4.8%, helped by 6.2% growth in LNG imports/exports.

Most of the net growth in LNG exports came from Australia (19 bcm out of 21). US LNG exports rose from 0.7 bcm in 2015 to 4.4 bcm in 2016.

Coal

Global coal consumption fell by 53 million tonnes of oil equivalent (mtoe), or 1.7%, the second successive annual decline.

The largest declines in coal consumption were seen in the US (-33 mtoe, an 8.8% fall) and China (-26 mtoe, -1.6%). Coal consumption in the UK more than halved (down 52.5%, or 12 mtoe) to its lowest level in our records.

Renewables, hydro & nuclear energy

Renewable power (excluding hydro) grew by 14.1% in 2016, below the 10-year average, but the largest increment on record (53 mtoe).

Wind provided more than half of renewables growth, while solar energy contributed almost a third despite accounting for only 18% of the total.

Asia Pacific overtook Europe & Eurasia as the largest producing region of renewable power. China overtook the US to be the largest single renewables producer. PWKD30062017

Last modified onThursday, 29 June 2017 21:16
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