Wednesday, June 19, 2013

BP: US oil production growth hit record-high in 2012

by Conglin Xu, OGJ, June 12, 2013

The US recorded the largest single-year increase in oil production in 2012, according to the BP Statistical Review of World Energy. The review, released June 12 [2013], was the company’s 62nd annual report.

Backed by increasing production of unconventional oil and gas, the US recorded the highest growth in both oil and natural gas output in 2012, BP said. Meanwhile, coal consumption in the US experienced the largest decline in 2012 as it was displaced by less-expensive natural gas in electric power generation.

According to BP, world nuclear output recorded the largest annual decline in 2012. After 2011’s Fukushima accident, “higher imports of fossil fuels including [LNG] kept the lights on” in Japan. Due to higher natural gas prices in Europe, power generators substituted coal for gas—an opposite course from the US. [...]

World [primary - D.R.] energy consumption also dropped to 1.8% in 2012, down from 2.4% the previous year, BP reported. The decline was attributable to the economic slowdown as well as improved energy consumption efficiency due to high prices. As the major source of demand growth, emerging countries accounted for 56% of global consumption, up from 42% just 20 years ago.

Global oil consumption increased by 890,000 b/d, 0.9% below the historical average. OECD consumption declined by 1.3% (530,000 b/d) and non-OECD consumption grew by 3.3% (1.4 million b/d).

Global oil production climbed by 1.9 million b/d. Despite a decline in Iranian output due to international sanctions, OPEC contributed to about three quarters of the global increase. [Libyan production recovered strongly after the sharp drop in output in 2011, and Saudi Arabia, the UAE, and Qatar all produced at record levels - D.R.]. Non-OPEC production grew by 490,000 b/d [revised figure 440,000 b/d, according to BP data - D.R.] with increases in the US, Canada, Russia, and China.

BP’s review also stated that world natural gas consumption grew by 2.2%, below the historical average of 2.7%. [Read more]

(Please see BP Statistical Review of World Energy June 2013 - D.R.)

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