BP June 2014 Statistical Review of World Energy: 53 Years of Oil Left

Asia, Business News/Analysis, China, International, Opinions, Original Writing, Opinions Advanced Biofuels USA, Policy, R & D Focus, UK (United Kingdom), Venezuela

July 9, 2014

Print This Article Share it With Friends

0 Comments

by Robert Kozak (Advanced Biofuels USA) BP’s 63^rd annual Statistical Review of World Energy was recently released. Some key findings.
Oil Prices Stay Above $100/Barrel for Third Year

In the face of these disruptions and heightened risks to supply, average oil prices exceeded $100 per barrel for a third consecutive year, despite massive supply growth in the US.

Renewables Stay Strong

The importance of policy is also apparent in the strength of renewable forms of energy, which continued to grow robustly, albeit from a low base. Renewables now account for more than 5% of global power output and nearly 3% of primary energy consumption.

Despite Growth in US Production, Global Oil Consumption Outruns Production

Global oil production did not keep pace with the growth in global consumption, rising by just 560,000 b/d or 0.6%.

The US (+1.1 million b/d) recorded the largest growth in the world and the largest annual increment in the country’s history for a second consecutive year.

Global oil consumption grew by 1.4 million barrels per day (b/d), or 1.4% – this is just above the historical average.

While consumption growth accelerated globally, it has remained below average – this is again, consistent with the weak global economic picture.

The US (+400,000 b/d) recorded the largest increment to global oil consumption in 2013, outpacing Chinese growth (+390,000 b/d) for the first time since 1999.

Oil Reserves (Including Gas Condensate and Natural Gas Liquids (NGLs) Will Last 53 Years
Total world proved oil reserves reached 1687.9 billion barrels at the end of 2013, sufficient to meet 53.3 years of global production.
The largest additions to reserves came from Russia, adding 900 million barrels and Venezuela adding 800 million barrels. OPEC members continue to hold the majority of reserves, accounting for 71.9% of the global total. South & Central America continue to hold the highest R/P ratio. Over the past decade, global proved reserves have increased by 27%, or over 350 billion barrels. READ MORE (direct link no longer available–2019 BP; includes VIDEO) and MORE (Jalopnik) and MORE (Green Car Reports) and MORE (AutoEvolution.com) Download Report Statistical Review Download presentation

Advanced BioFuels USA