BP: US Recorded Largest-Ever Gain In Oil Production in 2012, And Coal Is Still King Of The World

bp map statistical

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…

Oil In 2012

World proved reserves reached 1668.9 billion barrels, sufficient to meet 52.9 years of global production.

An increase in official Iraqi reserves was the single largest addition, adding 6.9 billion barrels.

World production increased by 1.9 million b/d in 2012, more than double the growth of global consumption.

US output grew by 1 million b/d, the largest increase in the world and in the country's history.

Gasoline prices have been topping out to between $120 and $125.

A world-historical view of prices. The developing world's industrial revolution is having the same effect as the West's 150 years ago.

Global average refinery utilization improved marginally to 82.4%, the highest since 2008.

Proved reserves declined by 0.3% relative to end-2011 data, the first annual decline BP has ever recorded.

Annual tradeflows. Saudi Arabia is still the centre of the world but the US is gaining ground.

Natural Gas In 2012

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.

EU consumption fell to the lowest level since 2000.

U.S. prices fell to lows not seen in a decade.

Annual tradeflows. Here's why allowing LNG's out of the US is such a big deal.

Coal In 2012

North America saw the highest reserves-to-production ratio as production declined.

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.

Asia accounted for all net production increases, offsetting the large decline in the US.

Asia was also responsible for all new net consumption.

Renewables And Nuclear In 2012

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.

World biofuels production declined by 0.4% in 2012, the first decline since 2000.

Big Picture From 2012

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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