BP Statistical Review of World Energy 2009  

BP's annual report on energy production is out, which will no doubt provoke a storm of analysis over the next few days - Statistical Review of World Energy 2009.

Global energy consumption growth slowed in 2008, with slower economic growth and higher average prices breaking a string of fi ve consecutive years of above-average growth. Production growth exceeded that of consumption for all fossil fuels. For the year as a whole, prices for all forms of traded energy rose substantially despite sharp declines late in the year. Oil prices reached infl ation-adjusted record highs, rising for a seventh consecutive year. Internationally traded coal prices rose more steeply than other fuels. Natural gas prices in Europe and for Asia-Pacifi c liquefi ed natural gas (LNG) rose in line with – or more rapidly than – oil prices, while North American price increases were more moderate.

Energy developments

World primary energy consumption – including oil, natural gas, coal, nuclear and hydro power – grew by 1.4% in 2008, the slowest growth since 2001. Non-OECD primary energy consumption exceeded OECD consumption for the fi rst time. The Asia- Pacifi c region accounted for 87% of the world’s energy consumption growth. For the third consecutive year, coal accounted for the majority of primary energy consumption growth. Chinese consumption growth slowed for the fi fth consecutive year, yet China accounted for nearly three-quarters of global growth. Energy consumption among exporting regions remained robust, with above-average growth in the Middle East and Africa. Consumption in the US fell by 2.8%, the largest decline since 1982.