BP launches its ‘Statistical Review of World Energy 2014’

BP has released its ‘Statistical Review of World Energy 2014’ at the World Petroleum Congress meeting in Moscow.

The review reflects emerging differences in global economic performance, geopolitical uncertainty and ongoing debates about the proper roles of government and markets.

Although global energy demand accelerated in 2013, it remained below the historical average at just 2.3%, reflecting the weakness of the global economy. Within this global picture, however, shifts in energy consumption mirrored those in the world’s economic patterns. 

Energy consumption in the emerging economies grew below their long-term average rate, rising by 3.1%, driven by slower growth in China. However, consumption in the mature economies of the OECD grew by a higher-than-average rate of 1.2% as a result of strong growth in the US. As a result, the gap between growth in the OECD and non-OECD narrowed to levels not seen since 2000.

BP Group Chief Executive, Bob Dudley, said: “The Review again demonstrates the strength of the flexible global energy system in adapting to a changing world. The major disruptions to production seen throughout 2013 were balanced by continued rises in production elsewhere. This underlines the importance of continuing to secure these new supplies through continued access to new resources, policies to encourage markets and investment, and the application of new technologies worldwide.”

Natural gas

• World natural gas consumption grew by 1.4%, below the historical average of 2.6%. As with primary energy, consumption growth was above average in the OECD countries (+1.8%) and below average outside the OECD (+1.1%). 
• Growth was below average in every region except North America. China (+10.8%) and the US (+2.4%) recorded the largest growth increments in the world, together accounting for 81% of global growth. 
• India recorded the largest volumetric decline in the world (-12.2%), while EU gas consumption fell to the lowest level since 1999. 
• Globally, natural gas accounted for 23.7% of primary energy consumption.
• Global natural gas production grew by 1.1%, which was well below the 10-year average of 2.6%. 
• Growth was below average in all regions except Europe and Eurasia. The US (+1.3%) remained the world’s leading producer, but both Russia and China recorded larger growth increments in 2013 (+2.4% and +9.5%, respectively).
• Global natural gas trade grew by 1.8% in 2013, well below the historical average of 5.2%. Pipeline shipments grew by 2.3%.
• LNG’s share of global gas trade declined slightly to 31.4% – and international natural gas trade accounted for 30.9% of global consumption.
• Global proved reserves of natural gas increased to 185.7 trillion m³, sufficient to meet 54.8 years of global production.

Edited from various sources by Callum O'Reilly

Image courtesy of 'BP p.l.c.'

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