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BP review highlights increase in LNG trade

LNG Industry,

The 2015 edition of BP’s Statistical Review of World Energy shows that last year was a year of ‘tectonic’ shifts in global energy production and consumption.

The report highlights how significant changes in global energy production and consumption have had profound implications for prices, for the global fuel mix and for global CO2 emissions.

BP also notes the continuing importance of the US shale revolution, with the US overtaking Saudi Arabia as the world’s largest oil producer, and surpassing Russia as the world’s largest producer of oil and gas.

Tectonic changes

Speaking at the launch of the review, CEO Bob Dudley said: “The eerie calm that has characterised energy markets in the few years prior to 2014 came to an abrupt end last year. However, we should not be surprised or alarmed. These events may well come to be viewed as symptomatic of a broader shifting of the tectonic plates that make up the energy landscape, with significant developments in both the supply of energy and its demand.”

Dudley added: “Our task as an industry is to meet today’s challenges while continuing to invest to meet tomorrow’s demand, safely and sustainably.”

Energy consumption

Growth of global primary energy consumption decelerated considerably in 2014, even though global economic growth was similar to that in 2013. Energy consumption increased by 0.9% in 2014, compared to an increase of 2% in 2013.

Consumption increased for all fuels, reaching record levels for every fuel type, including LNG, expect nuclear power. Production increased for all fuels except coal.

Gas trade

Global natural gas trade registered a contraction in 2014, falling by 3.4%. Pipeline shipments declined by 6.2%, the largest decline on record, driven largely by falls in net pipeline exports from Russia (-11.8%) and the Netherlands (-29.9%).

Global LNG trade increased by 2.4%. International natural gas trade accounted for 29.4% of global consumption; LNG’s share of global gas trade increased to 33.4%.

Edited from press release by Katie Woodward

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