World Energy Review According to BP

[G. David Felt]

bp-stats-review-2018-full-report.pdf

https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html

Here are the highlights from the BP Stats review of World Energy:

• Global energy demand accelerated in 2017 by 2.2 percent.
• A 17 percent gain in clean power such as solar and wind did little to offset the dominance of fossil fuels in the rapidly expanding global economy.
• Demand for hydrocarbons rose across the board, led by a 3 percent increase in natural gas consumption, the fastest since 2010.
• Demand for oil rose 1.8 percent, far more than in the previous 10 years.
• Use of coal increased for the first time since 2013, by 1 percent, driven largely by Indiaand China.
• The share of coal in power generation today remains around 38 percent, practically unchanged since 1997.
• The share of non-fossil fuels slightly dipped as nuclear power capacity shrank.
• Power generation accounts for over a third of carbon emissions.
• Carbon emissions grew last year by 1.6 percent, compared with little to no growth in the previous three years but still lower than average growth of 2.5 percent in the 10 years prior to 2014.
• Crude oil prices were the highest they've been since 2014.
• Thanks to shale oil, the United States overtook Saudi Arabia in 2017 to become the world's second-biggest oil producer behind Russia.
• In response to U.S. output, OPEC, Russia and other major oil producers reduced their global output by 1.8 million barrels per day to limit inventories and shore up prices.
• But U.S. production growth of 2 million barrels per day of oil and natural gas liquids since October 2016 offset a large part of those cuts.
• Renewable power generation accounted for half the growth of all Power Generation which raised global renewable power generation by 1% to 8.4% world wide.
• Cobalt production has only grown .09% in the last 12 months but prices have doubled compared to Lithium production increasing 6.8% with only a 37% increase in price.
• China and Japan grew their Nuclear Power Generation whil South Korea and Taiwan reduced theirs.

Some very interesting data.

Additional interesting read is by another site of this same report: https://www.autoblog.com/2018/06/14/bp-world-energy-report-oil-coal-renewables/

To quote their ending comment on this report that shows that things are not good in the energy sector and enjoy the prices as they are going back up for good. This story also points out the 1.6% growth in Greenhouse gases and how this is due to demand for power which is fueled by Coal. Dirty power.

Quote: 

"This is the most startling passage in Bob Dudley's introduction to the 67th edition of the study: "Despite the huge policy push encouraging a switch away from coal and the rapid expansion of renewable energy in recent years, there has been no improvement in the mix of fuels feeding the global power sector over the past 20 years. Astonishingly, the share of coal in 2017 was exactly the same as in 1998. The share of non-fossil fuels was actually lower. ..."
Interesting ?