Statistical Review of World Energy 2009
The BP Statistical Review of World Energy 2009 highlights global trends in the energy sector for 2008. Following worldwide economic trends, energy prices rose significantly during the beginning of the year, and then declined sharply following the onset of the global recession. On the whole, average prices for all forms of primary energy increased significantly. Primary energy consumption growth slowed in 2008, with all net growth in consumption coming from rapidly industrializing non-Organisation for Economic Co-operation and Development (OECD) countries. For the first time, non-OECD energy consumption surpassed OECD consumption. China alone accounted for nearly three-quarters of global growth. Notably, in 2008 growth of world production exceeded that of consumption for all fossil fuels, meaning that the world was no longer supply-constrained.
In terms of trends in the oil sector, prices began the year just below $100 and rose sharply through mid-year, peaking above $144 in early July. However, the global economic contraction led prices to fall sharply; oil prices ended the year below $40. Global oil consumption declined by 0.6%, or by 420,000 barrels per day, the first decline since 1993 and the largest decline since 1982. However, global oil production increased by 0.4% or 380,000 barrels per day. Both global refinery utilization and global oil trade fell in 2008.
In contrast to oil, natural gas consumption grew by 2.5% in 2008, though this growth rate was below the 10-year average. Notably, Chinese consumption grew by 15.8%, accounting for the largest incremental growth in world gas consumption. Global gas production grew by 3.8%, above the 10-year average of 3%, with strong growth driven by the U.S. The worldwide natural gas trade also rebounded in 2008, growing by 3.8% and driven by growth in pipeline shipments.
Though global coal consumption slowed in 2008 (rising by a below-average 3.1%), coal remained the fastest-growing fuel in the world for the sixth year in a row. Chinese consumption grew by 6.8%: below the 20-year average but still sufficient to account for 85% of global growth. Nuclear output dropped by 0.7%, a second consecutive global decline. On the other hand, hydroelectric generation grew by 2.8%, above the 10-year average. This increase was driven entirely by the 20.3% increase in Chinese hydroelectric output.
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