Last month the BP Statistical Review of World Energy 2017 was released. This report gives us the opportunity to review the big picture when it comes to global energy supply and demand. I consider the BP Statistical Review to be the bible of energy statistics. The report provides a comprehensive picture of supply and demand for all the key energy sources on a country-level basis.
Since its release, I have been busy analyzing the data and creating graphics. Today I want to review some highlights from the report, which covers global energy production and consumption through 2016.
Petroleum
I briefly addressed oil consumption in Peak Oil Demand Is Millions Of Barrels Away. Global oil consumption rose 1.6% in 2016 to a new record high of 96.6 million barrels per day (BPD). This growth rate was well above the 10-year average growth rate of 1.2%. U.S. demand rose by 0.5% to 19.6 million BPD, the highest demand level since 2007. After falling steadily for several years, demand in the European Union has now risen two years in a row. EU demand in 2016 was up 1.8% over 2015 to reach 12.9 million BPD, the EU’s highest demand since 2012.
The highest growth rate in the world took place in Pakistan, which saw a 12.0% increase in demand over 2015. Other countries with fast-growing demand included the Philippines (+9.0%), Poland (+8.8%), Slovakia (+8.5%) and India (+7.8%). China’s demand increased by 3.3%, well below its 10-year average growth rate of 5.7%.
On the supply side, global oil production advanced by 0.5% to reach 92.2 million BPD.* The U.S. remained in a dead heat with Saudi Arabia for the crown of the top oil producer. The top three producers were the U.S. (12.4 million BPD), Saudi Arabia (12.3 million BPD), and Russia (11.2 million BPD). It is worth noting that BP’s definitions include natural gas liquids (NGLs) in the oil production numbers, which is the only reason U.S. production numbers are as high as they are.
