Oil consumption increased in 2010 according to BP

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BP annual Statistical Review of World Energy 2011 showed a strong rebound of global energy consumption in 2010, following the global recession.

 

Consumption growth reached 5.6 per cent, the highest rate since 1973. It increased strongly for all forms of energy and in all regions. Total consumption of energy in 2010 easily surpassed the pre-recession peak reached in 2008.

After falling for two consecutive years, global oil consumption grew by 2.7 million bpd, or 3.1 per cent, to reach a record level of 87.4 million bpd. This was the largest percentage increase since 2004 but still the weakest global growth rate among fossil fuels.

The report showed that global proved oil reserves rose by 0.5 per cent in 2010, boosted by increases in India, Brazil and Russia. Deposits advanced to 1.3832 trillion barrels at the end of last year from a revised 1.3766 trillion in 2009.

Saudi Arabia’s reserves remain the largest at 264.5 billion barrels, BP said, little changed on last year. The Middle East has 54.4 per cent of the total, down from 56.6 percent last year.

The report showed that global oil production increased by 1.8 million bpd, or 2.2 per cent, but did not match the rapid growth in consumption. The gains in production were shared between OPEC and non-OPEC producers. OPEC production cuts implemented late in 2008 were maintained throughout 2010, although relaxed production discipline and rising output not subject to production allocations resulted in an increase of 960,000 bpd (2.5 per cent). The largest increases were in Qatar (+220,000 bpd) and Nigeria (+340,000 bpd)

World natural gas consumption grew by 7.4 per cent, the most rapid increase since 1984. Consumption growth was above average in all regions except the Middle East.

Global natural gas trade increased by a robust 10.1 per cent in 2010. A 22.6 per cent increase in LNG shipments was driven by a 53.2 per cent increase in Qatari shipments. Among LNG importers, the largest volumetric growth was in South Korea, the UK and Japan. LNG now accounts for 30.5 per cent of global gas trade, stated BP review.

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