BP Statistical Review Shows 2014 was a Year of ‘Tectonic’ Shifts in Global Energy Production and Consumption

BP Statistical Review Shows 2014 was a Year of ‘Tectonic’ Shifts in Global Energy Production and Consumption
The 2015 edition of the BP Statistical Review of World Energy, launched today, highlights how significant changes in global energy production and consumption have had profound implications for prices, for the global fuel mix, and for global carbon dioxide emissions.
The 64th annual edition of the Statistical Review highlights the continuing importance of the US shale revolution, with the US overtaking Saudi Arabia as the world’s biggest oil producer and surpassing Russia as the world’s largest producer of oil and gas.
On the consumption side, the Statistical Review records primary energy consumption slowing markedly, with growth of just 0.9% in 2014, a lower rate than at any time since the late 1990s (other than in the immediate aftermath of last decade’s financial crisis). Chinese growth in consumption slowed to its lowest level since 1998 as its economy rebalances away from energy intensive sectors, though China remained the world’s largest growth market for energy. ….