BP has just published their ‘Statistical Review of World Energy 2018’ today, titled: ‘Two Steps Forward, One Step Back’. In the statistical review Global energy demand grew above its 10-year average, natural gas was found to be the largest source of energy growth and renewables continued to grow.
“2017 was a year where structural forces in the energy market continued to push forward the transition to a lower carbon economy, but where cyclical factors have reversed or slowed some of the gains from prior years. These factors, combined with rising demand for energy, has resulted in a material increase in carbon emissions following three years of little or no growth,” voiced Bob Dudley, BP’s Group Chief Executive.
Data published in the review outlined that growth in energy demand increased, (averaging at 2.2 per cent, up from last year’s 1.2 per cent) led by growing demand for natural gas and renewables. It was also found that gains in energy efficiency reduced as industrial activity in the OECD accelerated and output from China’s most energy-intensive sectors returned to growth.
Interestingly, the report also found that coal consumption increased for the first time in four years, led by growing demand in India and China, and carbon emissions were estimated by the report to have increased, after three years of little to no growth.
“This year’s Review looks at the energy mix within the power sector, for the first time, which astonishingly shows that the share of coal in the sector is unchanged from 20 years ago”, voiced Bob Dudley.
“We continue to believe that gains in the power sector are the most efficient way to drive down carbon emissions in coming decades,” he stated.
Here are some of ‘the need to know’ highlights from the report:
Oil:
- The world’s oil price averaged at $54.19 per barrel, up from $43.73/barrel in 2016.
- Global oil consumption growth averaged 1.8%, or 1.7 million barrels per day.
- Global oil production rose by 0.6 million b/d, below average for the second consecutive year.
Natural Gas:
- Natural gas consumption rose by 96 billion cubic metres.
- Global natural gas production increased by 131 bcm, or 4%, almost double the 10-year average growth rate.
- The increase in gas exports was driven largely by Australian and US LNG (up by 17 and 13 bcm respectively), and Russian pipeline exports (15 bcm).
Coal:
- Coal consumption increased by 25 million tonnes of oil equivalent (Mtoe)/
- Consumption growth was driven largely by India, with China’s coal consumption also up slightly (4 Mtoe)/
- Coal’s share in primary energy fell to 27.6%, the lowest since 2004.
Renewables, hydro and nuclear:
- Renewable power grew by 17%, higher than the 10-year average and the largest increment on record/
- Wind provided more than half of renewables growth, while solar contributed more than a third despite accounting for just 21% of the total.
- Hydroelectric power rose by just 0.9%, compared with the 10-year average of 2.9%.
- Global nuclear generation also grew by 1.1%.
Power Generation:
- Power generation rose by 2.8%, close to the 10-year average.
- Renewables accounted for almost half of the growth in power generation (49%), with most of the remainder provided for by coal (44%).
- The share of renewables in global power generation increased from 7.4% to 8.4%.
The full review can be found at bp.com/statisticalreview