World energy consumption growing at a below average rate, says BP

BP has released its 62nd annual statistical review of the energy industry. Here are a few takeaways.

World primary energy consumption grew by 1.8 per cent in 2012, below the 10-year average of 2.6 per cent. OECD consumption fell by 1.2 per cent, led by a 2.8 per cent decline in the US.

Once again in 2012, all net growth took place in emerging economies, with China and India accounting for nearly 90 per cent of the net increase in global energy consumption. Between 2011 and 2030, BP expects global energy demand to increase by 36 per cent, driven by emerging economies. However, while the US will become nearly self-sufficient by 2030, China and India are likely to become increasingly import-dependent.

Source: BP

In 2012, consumption growth of all forms of fossil fuels was below average, with oil having the weakest global growth rate of all. However, while consumption of oil within the OECD fell by 1.3 per cent (the sixth decrease in seven years), it rose everywhere else by 3.3 per cent, and is still the world’s leading fuel, with a 33.1 per cent market share.

Source: BP

Despite high growth rates (contributing 31 per cent of growth in world power generation), renewable energy still accounts for a very small proportion of global consumption. Renewable electricity production, not including hydro, is estimated to account for around 4.7 per cent of global electricity generation, although it is picking up speed in some regions. Wind power, for example, generates 34 per cent of all Denmark’s energy, 21 per cent of Portugal’s and 17 per cent of Spain’s.

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