The 2017 edition of the BP Statistical Review of World Energy shows global energy markets continuing to undergo long-term changes.
Data published in the latest BP Statistical Review of World Energy demonstrate the long-term transitions now underway in the markets, with a shift to slower growth in global energy demand, demand moving strongly towards the fast-growing developing economies of Asia, and a marked shift towards lower carbon fuels as renewable energy continues to grow strongly and coal use falls.
At the same time, energy markets are adjusting effectively to nearer-term challenges, with the oil market in particular adjusting to the oversupply that has dominated the market in recent years.
In a statement, Bob Dudley, BP Group Chief Executive, said: “Global energy markets are in transition. The longer-term trends we can see in this data are changing the patterns of demand and the mix of supply as the world works to meet the challenge of supplying the energy it needs while also reducing carbon emissions.”
In 2016 global energy demand was weak for the third consecutive year, growing by just one percent, around half the average growth rate of the past decade. Once again, almost all this growth came from fast-growing developing economies, with China and India together accounting for half of all growth.
Renewables were again the fastest growing of all energy sources, rising by 12 percent. Although providing still only four percent of total primary energy, the growth in renewables represented almost a third of the total growth in energy demand in 2016. In contrast, use of coal fell steeply for a second year, down by 1.7 percent, primarily due to falling demand from both the US and China.
“While welcome, it is not yet clear how much of this break from the past is structural and will persist. We need to keep up our focus and efforts on reducing carbon emissions. BP supports the aims set out in the COP21 Paris meetings and is committed to playing our part to help achieve them,” Dudley said.
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