10 June 2009 13:11 [Source: ICIS news]
LONDON (ICIS news)--Emerging economies have leapfrogged the developed world in the consumption of primary energy, which could increase market volatility in the short term, UK-based oil giant BP said on Wednesday.
"The centre of gravity of the global energy markets has tilted sharply and irreversibly towards the emerging nations of the world, especially ?xml:namespace>
“This shift will bring volatility in the short term,”
In its 2009 statistical review, BP estimated that remaining proved oil reserves – excluding Canadian oil sands – of 1,258bn bbl would last for 40 years at 2008 production rates.
The review showed the global primary energy consumption nudged up 1.4% in 2008, the smallest rise since 2001, as it was hit by economic crisis.
Energy consumption in the developing world was seen to have dropped 1.3%, with
BP said global oil consumption dropped 0.6%, or 420,000 bbl/day, in 2008 – the first fall since 1993 and largest drop for 27 years.
World oil production was seen to have risen 0.4%, 380,000 bbl/day, driven largely by OPEC production increases.
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