Primary energy consumption grew at a rate of 2.9% last year, almost double its 10-year average of 1.5% per year, and the fastest since 2010.
By fuel, energy consumption growth was driven by natural gas, which contributed more than 40% of the increase. All fuels grew faster than their 10-year averages, apart from renewables, although renewables still accounted for the second largest increment to energy growth.
China, the US and India together accounted for more than two thirds of the global increase in energy demand, with US consumption expanding at its fastest rate for 30 years.
Oil consumption grew by an above-average 1.4 million barrels per day (b/d), or 1.5%. China (680,000 b/d) and the US (500,000 b/d) were the largest contributors to growth.
Natural gas consumption rose by 195 billion cubic metres (bcm), or 5.3%, one of the fastest rates of growth since 1984.
Coal consumption grew by 1.4%, double its 10-year average growth.
rockdoc123 wrote:Just looking through the information from the annual BP Statistical Review for 2019.
Here are some interesting highlights:Primary energy consumption grew at a rate of 2.9% last year, almost double its 10-year average of 1.5% per year, and the fastest since 2010.
By fuel, energy consumption growth was driven by natural gas, which contributed more than 40% of the increase. All fuels grew faster than their 10-year averages, apart from renewables, although renewables still accounted for the second largest increment to energy growth.
China, the US and India together accounted for more than two thirds of the global increase in energy demand, with US consumption expanding at its fastest rate for 30 years.
Oil consumption grew by an above-average 1.4 million barrels per day (b/d), or 1.5%. China (680,000 b/d) and the US (500,000 b/d) were the largest contributors to growth.
Natural gas consumption rose by 195 billion cubic metres (bcm), or 5.3%, one of the fastest rates of growth since 1984.
Coal consumption grew by 1.4%, double its 10-year average growth.
seems at odds with what the ETPers keep telling us that demand is decreasing for energy.
Yoshua wrote:This will lead to another oil price crash, since the the net energy delivered by the energy sector doesn't support enough economic activity.
In China and India auto sales are falling into depression levels. Industrial production in Europe is contracting. In the U.S heavy truck sales are down 50 percent. Global PMI is in contraction...
Yoshua wrote:Well...we actually already had an oil price crash in November 2018 and another one in May 2019.
And another one is coming?
Yoshua wrote:Well...we actually already had an oil price crash in November 2018 and another one in May 2019.
And another one is coming?
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
JuanP wrote:Many thanks for that, Tanada! BP's SR is an annual mandatory reading for me.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Tanada wrote:JuanP wrote:Many thanks for that, Tanada! BP's SR is an annual mandatory reading for me.
I was hoping the 2023 report would be out by now but the website still gives only the link to the 2022 report from last July.
AdamB wrote:Tanada wrote:JuanP wrote:Many thanks for that, Tanada! BP's SR is an annual mandatory reading for me.
I was hoping the 2023 report would be out by now but the website still gives only the link to the 2022 report from last July.
LONDON, Feb 28 (Reuters) - BP (BP.L) has decided to end the publication of the Statistical Review of World Energy after more than 70 years and will pass the benchmark report into the hands of the Energy Institute, an industry body, they said on Tuesday.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Tanada wrote:Aha! With that pointer I located the 2023 report!
Energy Institute 2023
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