BP Statistical Review of World Energy 2012
The BP Statistical Review of World Energy 2012 was recently released, highlighting the ever-increasing demand for energy sources around the world.
Global energy consumption grew by 2.5% in 2011, near the historical average, however emerging economies continued to expand their share of the total. China alone accounted for 71% of energy consumption growth.
The energy mix is undergoing structural shifts. While oil remains the leading fuel, demand grew by less than 1% - the slowest rate amongst fossil fuels. Gas grew by 2.2%, while coal had above average annual consumption growth at 5.4% globally, and 8.4% in the emerging economies.
Coal now accounts for 30.3% of global energy consumption, the highest share since 1969. OECD coal consumption declined by 1.1%, although the EU used 3.6% more as natural gas was diverted to Asia. Prices increased in all regions.
BP Energy Outlook 2030
The Statistical Review 2012 follows BP's Energy Outlook 2030 report, which highlights growth in fossil fuels consumption, biofuels and alternative energy production.
Key points from an oil and gas perspective:
Download BP's Energy Outlook 2030
- Demand for oil will increase from non OECD countries, with demand declining from OECD countries - overall oil demand will increase to an additional 16Mmbopd by 2030
- Demand for Natural Gas will increase through 2030, with demand from China increasing by 7% pa
- LNG will be relied on by Asian countries to help meet the growing demand for natural gas, with LNG supplying 25% of demand in 2030
- Unconventional oil and gas will have a growing role in supplying markets by 2030, with 30% of gas consumption supplied by unconventionals in 2030