BP has just published their ‘Statistical Review of World Energy 2018’ today titled: ‘Two Steps Forward, One Step Back’. In the review, Global energy demand grew above its 10-year average and natural gas was found to be the largest source of energy growth.

“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.

Carbon emissions were also estimated by the report to have increased, after three years of little to no growth.

“We continue to believe that gains in the power sector are the most efficient way to drive down carbon emissions in coming decades,” voiced Bob Dudley.

Here are the Oil and Gas highlights from the Review:

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.
• Refinery throughput rose by an above-average 1.6 million b/d, while refining capacity growth was only 0.6 million b/d, below average for the third consecutive year.

Natural Gas:

• Natural gas consumption rose by 96 billion cubic metres
• Consumption growth was driven by China, the Middle East, and Europe.
• Global natural gas production increased by 131 bcm, or 4%, almost double the 10-year average growth rate.
• Global natural gas production increased by 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).

The full review can be found at bp.com/statisticalreview