BP has published
its annual statistical energy review, and we’ve got the charts for you.But first the key takeaways:
- The US recorded the largest oil and natural gas production increases in the world, and saw the largest gain in oil production in its history.
- Coal remained the fastest-growing fossil fuel, increasing 2.5%. As we keep reminding you, coal is never going away.
- Nuclear power output saw the largest decline ever.
- Energy consumption growth slowed to a below-average 1.8%. This was partly the result of the economic slowdown but also due to improving efficiency and greater fuel economy.
And now the visuals…
World proved reserves reached 1668.9 billion barrels, sufficient to meet 52.9 years of global production.
World production increased by 1.9 million b/d in 2012, more than double the growth of global consumption.
A world-historical view of prices. The developing world's industrial revolution is having the same effect as the West's 150 years ago.
Proved reserves declined by 0.3% relative to end-2011 data, the first annual decline BP has ever recorded.
World proved reserves stood at 187.3 trillion cubic meters, sufficient to meet 55.7 years of global production.
Production grew in every region except Europe & Eurasia, where declines in Russia and the UK offset a gain in Norway.
World proved reserves in 2012 are down from a decade ago but are still sufficient to meet 109 years of global production, by far the largest R/P ratio for any fossil fuel.
Renewable energy accounted for a record 4.7% of global power generation, with an 8.2% share in Europe & Eurasia.
Nuclear power generation declined by 6.9%, the largest decline on record for a second consecutive year.
Oil's share of 33.1% of global energy consumption declined to the lowest level on record. Oil has lost market share for 13 years in a row.
Coal remains the dominant fuel in Asia, which is the only region dependent on a single fuel for more than 50% of total primary energy consumption.
Coal remains the most abundant fossil fuel by global reserves-to-production ratio (though global oil and natural gas reserves have increased significantly over time).
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