by Jerome a Paris
Wed Jun 15th, 2005 at 02:03:30 AM EST
BP has just published its new annual statistical survey of the energy industry. I encourage you to go download the document and look around, but here are a few facts for 2004 that are worth pointing out:
From the BP press release
Rapid growth in demand for all forms of energy dominated world energy markets in 2004, leading to rising prices. While growth in demand from China in particular was exceptional, the strength of demand growth was a global phenomenon, increasing above the 10-year trend in every region of the world.
The world’s overall energy consumption grew by 4.3 per cent in 2004. In volume terms, this is the largest-ever annual increase in global primary energy consumption and is the highest percentage growth since 1984. It is exceptional that this demand growth was so geographically widespread
While China’s economy grew 9.5 per cent in 2004, this was outstripped by the rise in Chinese energy demand – up 15.1 per cent over the year. Over the past three years Chinese energy demand has risen by 65 per cent, accounting for over half the increase in global demand over the period. China now consumes 13.6 per cent of the world’s total energy.
Oil consumption in 2004 – up 3.4 per cent, or 2.5 million barrels a day (bpd) – showed the fastest rate of growth since 1978. Rising Chinese demand accounted for over a third of this increase with a jump of 15.8 per cent or almost 900,000 bpd.
The high demand came despite record oil prices, which averaged $38.27 a barrel over the year (...)
Oil output rose to meet demand, exceeding 80 million bpd for the first time in 2004. Outside OPEC, production increased by 965,000 bpd in 2004, well above the 10-year average. Russian production once again rose fastest, with output up nearly 750,000 bpd. Angola, Chad, Ecuador, Equatorial Guinea and Kazakhstan all registered growth of more than 100,000 bpd. The largest declines were in the UK, down by 230,000 bpd, and the USA, down by 160,000 bpd.
OPEC production also rose rapidly, by almost 8 per cent to 32.9 million bpd, the highest level ever. This was the largest increase in OPEC production since 1986. The rise was led by Iraq – where production grew by 677,000 bpd to 2 million bpd – Saudi Arabia and Venezuela.
Coal, nuclear and hydroelectric: Global coal consumption rose 6.3 per cent, with three quarters of the rise coming from China. Coal was the fastest growing fuel globally, but was the slowest excluding Chinese demand.
BP is obviously happy with the situation, with both record demand increases AND record price increases (the second logically following the first, but apparently not enough to slow it donw...)
The impact of China cannot be overstated, on the oil market, the coal market - and the consequences on carbon emissions, which also reached record levels in 2004.
It's interesting to note as well that the two largest production increases come from two countries which are unlikely to repeat such performance: Russia, where production has been stagnating over the past 8 months now (and is expected to continue to do so), and Iraq, where there was a catching up affect after the total production stop due to the invasion in 2003.
Meanwhile demand continues to grow...