You are here

China remains No.1 energy consumer

20th June 2012

China again recorded the largest increment to global consumption growth although the growth rate was below the 10 year average showed a new report

China accounted for 71 per cent of global energy consumption growth in 2011 according to new data.

China alone accounted for almost two thirds of global energy consumption growth in 2011, according to BP Statistical Review of World Energy. World primary energy consumption grew by 2.5 per cent, roughly in line with the 10 year average.

The largest increment to global consumption growth was recorded in China although the growth rate was below the 10 year average.

The BP report said natural gas prices in Europe and Asia including spot markets and those indexed to oil increased broadly in line with oil prices, although movements within the year varied widely. All of the net growth took place in emerging economies.

OECD consumption declined, led by a sharp decline in Japan in volumetric terms, the world's largest decline Energy price developments were mixed. Oil prices for the year exceeded USD 100 for the first time ever and inflation adjusted prices were the second highest on record, behind only 1864.

The report said that consumption in OECD countries fell by 0.8 per cent the third decline in the past four years. Non OECD consumption grew by 5.3 per cent in line with the 10 year average.

Global consumption growth decelerated in 2011 for all fuels as did total energy consumption for all regions. Oil remains the world's leading fuel, at 33.1 per cent of global energy consumption but oil continued to lose market share for the twelfth consecutive year and its current market share is the lowest in our data set which begins in 1965.

Dated Brent averaged USD 111.26 per barrel in 2011 an increase of 40 per cent from the 2010 level. The loss of Libyan supplies early in the year, combined with smaller disruptions in a number of other countries, pushed prices sharply higher despite a large increase in production among other OPEC members following the Libyan outages and a release of strategic stocks from International Energy Agency member countries.

Global oil consumption grew by a below average 0.6 million barrels per day or 0.7 per cent to reach 88 million barrels per day. This was once again the weakest global growth rate among fossil fuels. OECD consumption declined by 1.2 per cent the fifth decrease in the past 6 years, reaching the lowest level since 1995.

Outside the OECD, consumption grew by 1.2 million barrels per day or 2.8 per cent. Despite strong oil prices, oil consumption growth was below average in producing regions of the Middle East and Africa due to regional unrest.

Shale production made the US the world’s largest gas producer and the country’s oil output climbed more than any nation outside the OPEC in 2011, according to the data.
 

Related topics: