BP's latest Statistical Review, released last Wednesday, June 10, 2015, shows 2014 was a "Year of Tectonic Shifts in Global Energy Production and Consumption".
The 2015 edition of the BP Statistical Review of World Energy highlights how significant changes in global energy production and consumption have had profound implications for prices, for the global fuel mix, and for global carbon dioxide emissions.
The 64th annual edition of the Statistical Review highlights the continuing importance of the US shale revolution, with the US overtaking Saudi Arabia as the worlds biggest oil producer and surpassing Russia as the worlds largest producer of oil and gas.
On the consumption side, the Statistical Review records primary energy consumption slowing markedly, with growth of just 0.9% in 2014, a lower rate than at any time since the late 1990s (other than in the immediate aftermath of last decades financial crisis). Chinese growth in consumption slowed to its lowest level since 1998 as its economy rebalances away from energy intensive sectors, though China remained the worlds largest growth market for energy.
The shifts in production and consumption had major effects on energy prices as well as the fuel mix. For oil, prices have fallen sharply, largely driven by the strength of supply as non-OPEC production grew by a record amount while OPEC maintained its output levels to maintain market share.
Elsewhere, the growth of Chinas coal consumption stalled and global natural gas growth was also weak, held back by a mild European winter triggering a sharp fall in consumption.
Renewables were the fastest growing form of energy, accounting for one third of the increase in overall primary energy use during a year in which global primary energy consumption growth slowed. Even so, they accounted for only 3% of primary energy.
The complete BP Statistical Review of World Energy 2015 is available online at: www.bp.com/statisticalreview
