14 June BP company submitted to the publicity the Statistical Review of World Energy. This annual report is the most authoritative source of statistical data about the world fuel and energy complex and is released since 1951.
For the first time since 1999 USA is ahead of China on the growth of oil consumption, according to the BP Statistical Review of World Energy. In 2013 the average daily demand in oil in the US increased by 400,000 barrels, while in China by 390,000 tons.
The growing demand in oil is caused by strengthening of the US industrial sector, explained the BP senior economist Christoff Ryul. For the first time at the end of 2013 the US industrial production exceeded the peak achieved before the global financial crisis.
The US oil abundance. The US shale boom has led to a sharp growth of oil supply at the local market and has also contributed to growth of consumption. “If you have a lot of cheap local oil, which supplies the industry, this will sooner or later affect the pace of GDP growth,” Reuters quoted BP senior economist.
The oil production in the US is growing fast, which is close to the record. In 2013 the production growth totaled 1.1 million barrels a day (+13.5%). Ryul said that this is one of the biggest indexes in the world history. In 2013 oil production in Canada increased by 210,000 barrels a day, while in Russia – by 150,000 barrels.
The phenomenal growth of oil production in the US is compensated by decline in production in the Near East, in particular Syria and Libya, and the now the situation has gotten worse in Iraq – last week the militants seized Mosul and Tikrit cities. However, despite that average world oil prices remain stable for three years running, though they do not go below $100 per barrel.
Ryul said that the world has not seen such a low volatility of oil prices since the early 1970s. “The thing is that irregularity of deliveries from the Near East and North Africa and growth of production in the US almost ideally overlap each other,” added BP economist.
In 2013 the world oil consumption increased by 1.4 million barrels a day (+1.4%), while oil production – by only 560,000 barrels a day (+0.6%), reads the BP annual Review.
Oil resources grow. BP has increased the evaluation of the world proved oil resources by 1.1% up to 1 trillion 687.9 billion barrels at the end of 2013. 53.3 years will be needed to extract these resources, considering the world volume of production last year.
The US proved oil resources increased by 26% against BP’s last year evaluation up to 44.2 billion barrels, while evaluation of the Russian resources increased by 6.7% up to 93 billion barrels.
Venezuela with 298.3 billion barrels of oil is the leader, then comes Saudi Arabia with 265.9 billion, Canada with 174.3 billion barrels and Iran with 157 billion barrels. According to BP’s evaluation, for the second years running Iran leads in world gas resources.
BP has also decreased the evaluation of global gas resources by less than 1% to 185.7 trillion cub.m. Russia’s gas resources were reduced by 4.9% to 31.3 trillion cub.m. against BP’s last year’s evaluation. Russia occupies the second place on the natural gas resources (16.8% of world resources) after Iran (18.2%), reads the BP Review.
Oil remains the main world energy carrier, which constitutes 32.9% of global use of primary sources of energy, but its share in the power consumption declines 14 years. Coal is on the second place and its share increased up to the maximum 30.1% since 1970. Natural gas with 23.7% share is the last in top three main energy carriers.