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Page added on June 14, 2017
Global Oil Consumption Rate Grows
Global oil consumption grew above the 10-year average rate for a second consecutive year in 2016, rising by 1.6 percent, or 1.6 million barrels per day, BP’s latest Statistical Review of World Energy revealed.
Strong increases in demand were seen from India (up 300,000 bpd) and Europe (up 300,000 bpd) and while demand from China continued to grow (up 400,000 bpd) it was lower than in recent years.
Growth in production was limited to only 0.5 percent, which led to the oil market broadly returning back into balance by mid-year. However, prices continued to be depressed by the large overhang of built-up inventories.
Natural gas production was also adversely affected by low prices, growing by only 0.3 percent. US gas output fell in 2016, the first reduction since the advent of the shale revolution in the mid-2000s.
Overall global energy demand was ‘weak’ in 2016 for the third consecutive year, growing by just 1 percent, according to BP’s review.
The growth rate was similar to rises of 0.9 percent and 1 percent seen in 2015 and 2014, respectively, and significantly lower than the 10-year average rate of growth of 1.8 percent. Almost all of the growth came from fast-growing developing economies, with China and India together accounting for half of all growth.
Renewables were the fastest growing of all energy sources, rising by 12 percent. Although providing still only 4 percent of total primary energy, the growth in renewables represented almost a third of the total growth in energy demand in 2016. In contrast, use of coal – the most carbon-intensive of the fossil fuels – fell steeply for a second year, down by 1.7 percent, primarily due to falling demand from both the US and China.
“Global energy markets are in transition,” Bob Dudley, BP group chief executive, said in a company statement.
“The longer-term trends we can see in this data are changing the patterns of demand and the mix of supply as the world works to meet the challenge of supplying the energy it needs while also reducing carbon emissions,” he added.
9 Comments on "Global Oil Consumption Rate Grows"
Sissyfuss on Wed, 14th Jun 2017 8:55 am
But in the meantime we will continue to breed like cockaroaches and consume looks Romans at the vomitorium. All things in excess is the modern meme.
Revi on Wed, 14th Jun 2017 8:58 am
Funny how we keep using more and more.
Cloggie on Wed, 14th Jun 2017 9:00 am
But in the meantime we will continue to breed like cockaroaches
A cold shower perhaps?
Rockman on Wed, 14th Jun 2017 9:57 am
They can brag about percentages all they want. But it doesn’t change the FACTS. nor does it change the rather optimistic projections of the EIA:
“COAL continues to be the largest single fuel used for electricity generation worldwide in the 2016 Reference case until the end of the projection period, with renewable generation beginning to surpass coal-fired generation in 2040. Coal-fired generation, which accounted for 40% of total world electricity generation in 2012, declines to 29% of the total in 2040 in the Reference case, despite a CONTINUED INCREASE IN TOTAL COAL-FIRED ELECTRTICITY GENERATION from 8.6 trillion kWh in 2012 to 9.7 trillion kWh in 2020 and 10.6 trillion kWh in 2040. Total electricity generation from coal in 2040 is 23% ABOVE THE 2012 TOTAL.”
https://www.eia.gov/outlooks/ieo/electricity.cfm
IOW despite the increase in renewable and lower GHG generating fossil fuels the OPTIMISTIC projection is that the world will be burning more coal in 23 years then it is today. And then add the 82 million new ICE’s that were bought in 2016.
All of which obviously means that GHG production from ff is currently projected to INCREASE for decades. Suddenly winning the “% war” doesn’t seem all that life changing, does it? LOL.
Kenz300 on Wed, 14th Jun 2017 11:32 am
Fossil fuels will be dead money.
The future will be defined by the sustainability of renewables and electric vehicles.
bobinget on Wed, 14th Jun 2017 2:37 pm
Doubtless KENZ. Oiliest problem, timing.
It’s going to take a series of disasters, (wars, climate) to effect am electric future.
Another fly in the icing. How will transition to majority electric transportation knockout all the ancillary (to ICE) support business. Looking around only windshield and body repair seem safe.
Can we make windscreens of Gorilla Glass.
Will memory paint and plastic replace body shops?
No one is sure yet how self-driving, AKA “autos”
will be received. We male seniors all have mixed feelings. (like dildo use)
The average electric car should travel a half million miles on five sets of tires and windscreen wipers.
(one pedal driving keeps brake linings fresh)
Still, when fewer then one in ten cars produced this year and beyond are electric, gasoline and diesel will be round for twenty years for longer.
“Dave’s” muffler shop will see Dave till retirement.
Plantagenet on Wed, 14th Jun 2017 3:39 pm
Hopefully this will silence those people who keep claiming the current global oil glut is caused by shrinking global oil production, in spite of the fact that global oil production is going up.
Cheers!
Anonymous on Wed, 14th Jun 2017 6:33 pm
How have the TOD predictions worked out? Maybe we can discuss it there. Oh wait.
Newfie on Wed, 14th Jun 2017 7:13 pm
Peak oil demand = Peak delusion