Primary energy consumption grew at a rate of 2.9% last year and reached 13.8 billion tons oil equivalent, almost double its 10-year average of 1.5% per year, and the fastest since 2010, BP’s latest report said on late Tuesday.
According to BP’s Statistical Review of World Energy 2019, all fuels grew faster than their 10-year averages, apart from renewables, although renewables still accounted for the second largest increment to energy growth.
“By fuel, energy consumption growth was driven by natural gas, which contributed more than 40% of the increase,” the report stated.
BP stated that the annual average oil price (Dated Brent) rose to $71.31 per barrel, up from $54.19/barrel in 2017.
“Oil consumption grew by an above-average 1.4 million barrels per day (b/d), or 1.5%. China (680,000 b/d) and the US (500,000 b/d) were the largest contributors to growth,” the report underlined.
In addition, global oil production rose by 2.2 million b/d. Almost all of the net increase was accounted for by the US, with their growth in production (2.2 million b/d) a record for any country in any year.
Carbon emissions, renewables
Carbon emissions grew by 2.0%, the fastest growth for seven years, according to the report.
Renewable energy contribution is one of the sources to reduce carbon emission globally.
“Renewable power grew by 14.5%, slightly below its historical average, although its increase in energy terms (71 mtoe) was close to the record-breaking increase of 2017,” the report stated.
By country, China was again the largest contributor to renewables growth (32 mtoe), surpassing growth in the entire OECD (26 mtoe).
In electricity production, renewables accounted for a third of the net increase in power generation, followed closely by coal (31%) and then natural gas (25%).
The share of renewables in power generation increased to 9.3% from 8.4%. Coal still accounted for the largest share of power generation at 38%.