Global oil consumption in 2009 shows first drop since 1982 - BP

09 June 2010 15:32  [Source: ICIS news]

LONDON (ICIS news)--Global oil consumption during 2009 fell 1.1% compared with the previous year, the first decline since 1982, reflecting the contraction of the economy due to the recession, energy giant BP said on Wednesday.

At its 2010 BP Statistical Review of World Energy, BP said the consumption of oil, natural gas and nuclear power declined last year; coal consumption remained essentially flat; while hydroelectric output and other renewable forms of energy increased.

“Consumption in the industrialized countries of the OECD fell by 5% - more than their decline in GDP; those countries consumed less energy last year than ten years ago,” said BP chief economist Christof Ruehl.

“Energy consumption outside the OECD increased by 2.7% - more than their increase in GDP and driven by growth in China. The shift toward the developing world continues,'' he added.

Global oil consumption declined by 1.2m barrels per day (bpd), or 1.7%, the largest decline since 1982, as OECD consumption showed a fourth consecutive decline by falling 4.8% (2m bpd), BP said. Outside the OECD, consumption growth slowed to 860,000bpd, or 2.1%, the weakest percentage growth since 2001, it added.

Global oil production dropped even more rapidly than consumption, falling by 2m bpd, or 2.6% - the largest drop, again, since 1982.

The review also announced that global refining capacity in 2009 grew by 2.2%, or 2m bpd, the largest increase since 1999. Non-OECD capacity surpassed OECD capacity for the first time. However higher refining capacity and declining consumption pushed global refinery utilization to 81.1%, the lowest rate since 1994, BP said.

''Last year's decline in global energy consumption was rare; and where we have data so far in 2010 energy consumption is again on the rise,” said Iain Conn, group managing director and chief executive of refining & marketing.

“The world needs to invest today to be able to deliver the energy supplies that will be needed in the future. Events in the Gulf of Mexico, however, demonstrate that access to some energy resources will almost certainly require enhanced measures to ensure safe operations and capabilities to safeguard the environment,'' he added.

BP also reported that dated Brent in 2009 fell 37% year on year to an average price of $61.67 per barrel, which was the largest decline (in percentage terms) since 1986.

At the end of 2009 there were proved oil reserves of 1,333.1bn barrels, it added.

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By: Franco Capaldo
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