Global oil production fell in 2007, natgas rose

11 June 2008 23:32  [Source: ICIS news]

HOUSTON (ICIS news)--Global oil production fell in 2007 even while prices continued to increase, according to BP's Statistical Review of World Energy, released on Wednesday.

BP attributed the decrease to a net production drop of 350,000 bbl/day by OPEC. Global production fell by an additional 300,000 bbl/day due to field maturity in nations that belong to the Organisation for Economic Co-operation and Development (OECD).

Overall, oil production fell by 0.2% or 130,000 bbl/day, the first decline since 2002, BP said.

Global oil consumption grew by 1.1% in 2007, or by 1m bbl/day, BP said. The growth was slightly below average.

Oil-consumption growth is now concentrated in countries that subsidise consumer prices, BP said. Most of those countries are oil exporters or fast-growing developing nations, such as India and China, BP said.

Global natural gas consumption reported above-average growth of 3.1% in 2007, BP said. The US accounted for almost half of that growth, due to a cold winter and strong demand from electrical plants.

Chinese natural gas consumption grew by 19.9%, BP said.

Overall, global natural gas production grew by 2.4%, BP said. US production rose by 4.3%, its strongest rate since 1984.

Production in China rose by 18.4% and Qatar grew by 17.9%, BP said.

Coal was the fastest growing fossil fuel for the fifth year in a row, BP said.

Global coal consumption grew by 4.5%, above the 10-year average of 3.2%, BP said.

Nuclear power output fell by 2%, reflecting declines in Germany and Japan, BP said. The Japanese drop was caused by an earthquake.

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By: Al Greenwood
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