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BP Statistical Review of World Energy June 2017 Introduction 1 Nuclear energy 41 Group chief executive’s introduction 1 Consumption 41 2016 at a glance 2 Group chief economist’s analysis 3 Hydroelectricity 42 Primary energy 8 Consumption
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   Introduction 1 Group chief executive’s introduction 12016 at a glance 2Group chief economist’s analysis 3   Primary energy 8 Consumption 8Consumption by fuel 9   Oil 12 Reserves 12Production and consumption 14Prices 20Refining 22Trade movements 24   Natural gas 26 Reserves 26Production and consumption 28Prices 33Trade movements 34   Coal 36 Reserves and prices 36Production and consumption 38   Nuclear energy 41 Consumption 41   Hydroelectricity 42 Consumption 42   Renewable energy 44 Other renewables consumption 44Biofuels production 45   Electricity 46 Generation 46 CO 2   Carbon 47 Carbon dioxide emissions 47   Appendices 48 Approximate conversion factors 48Definitions 48More information 49 BP Statistical Review of World Energy June 2017 66 th  edition  For 66 years, the BP Statistical Review of World Energy   has provided high-quality objective and globally consistent data on world energy markets. The review is one of the most widely respected and authoritative publications in the field of energy economics, used for reference by the media, academia, world governments and energy companies. A new edition is published every June. Discover more online All the tables and charts found in the latest printed edition are available at  bp.com/statisticalreview   plus a number of extras, including:ã The energy charting tool  – view predetermined reports or chart specific data according to energy type, region, country and year.ã Historical data from 1965 for many sections.ã Additional data for refined oil production demand, natural gas, coal, hydroelectricity, nuclear energy and renewables.ã PDF versions and PowerPoint slide packs of the charts, maps and graphs, plus an Excel workbook of the data.ã Regional and country factsheets.ã Videos and speeches. Energy Outlook Watch the BP Energy Outlook 2017   video, containing our projections of long-term energy trends to 2035. Download the booklet and presentation materials at  bp.com/energyoutlook  Join the conversation #BPstats  Download the BP World Energy app Explore the world of energy from your tablet or smartphone. Customize charts and perform the calculations. Review the data online and offline. Download the app for free from the Apple App Store and Google play store. Disclaimer The data series for proved oil and gas reserves in BP Statistical Review of World Energy June 2017 does not necessarily meet the definitions, guidelines and practices used for determining proved reserves at company level, for instance, as published by the US Securities and Exchange Commission, nor does it necessarily represent BP’s view of proved reserves by country. Rather, the data series has been compiled using a combination of primary official sources and third-party data.  1 BP Statistical Review of World Energy 2017 Group chief executive’s introduction Welcome to BP’s Statistical Review of World Energy  . This is the 66th edition of the Statistical Review and the data and analysis it contains provide a window onto another fascinating year in the world of energy. Global energy markets are in transition. Rapid growth and improving prosperity mean growth in energy demand is increasingly coming from developing economies, particularly within Asia, rather than from traditional markets in the OECD. The relentless drive to improve energy efficiency is causing global energy consumption overall to decelerate. And, of course, the energy mix is shifting towards cleaner, lower carbon fuels, driven by environmental needs and technological advances. BP will play its part in meeting this dual challenge of supplying the energy the world needs to grow and prosper, while also reducing carbon emissions.As well as the increasing pull of this long-term transition, energy markets last year also had to respond to a series of shorter-run factors, most notably in the oil market which continued to adjust to the excess supply that has weighed on prices over the past three years. To understand this mix of short and long-run factors and what they might imply for the future, we need timely and reliable data. That is where the Statistical Review comes in, providing accurate global data to inform discussion, debate and decision making.Looking at the picture overall, energy consumption grew slowly again in 2016 – the third consecutive year in which demand has grown by 1% or less – much weaker than the rates of growth we had become used to over the previous 10 years or so. Moreover, the weak growth in energy demand, combined with a continuing shift towards lower carbon fuels, meant global carbon emissions from energy consumption were estimated to have been essentially flat in 2016 for a third consecutive year – a substantial improvement relative to past trends.From a global level, much of this improvement can be traced back to the pronounced changes in the pace and pattern of economic growth and energy consumption within China. The extent to which these changes will persist as China moves to a more sustainable pattern of growth and how much will unwind as the marked weakness in some of China’s most energy-intensive sectors eases is uncertain. We need to keep up our focus and efforts on reducing carbon emissions. BP supports the aims set out in the COP21 meetings in Paris and is committed to playing its part in helping to achieve them. In terms of individual fuels, 2016 was a year of adjustment for the oil market, with low prices fuelling demand growth and weighing on production, particularly US tight oil which fell back substantially. As a result, the oil market moved broadly into balance in the second half of the year, albeit with inventories remaining at elevated levels. Towards the end of last year, OPEC together with 10 non-OPEC producers announced an agreement to cut output in order to speed up the pace at which oil stocks adjust to more normal levels. The price responsiveness of US tight oil and the actions of OPEC dominated oil markets in 2016 and look set to continue to do so over the next few years. The weak price environment in 2016 was also felt in the natural gas market, where global production was essentially flat. This is the weakest growth in gas output for 34 years, other than in the immediate aftermath of the financial crisis. Even so, exports of liquefied natural gas (LNG) increased strongly, as a number of major LNG projects in Australia came onstream. The growth spurt in LNG supplies expected over the next few years is likely to have a major influence on global gas markets, leading to greater integration of markets across the globe and a move towards more flexible, competitive markets.The influence of the energy transition was particularly marked in the contrasting fortunes of coal and renewable energy. Coal consumption fell sharply for the second consecutive year, with its share within primary energy falling to its lowest level since 2004. Indeed, coal production and consumption in the UK completed an entire cycle, falling back to levels last seen almost 200 years ago around the time of the Industrial Revolution, with the UK power sector recording its first ever coal-free day in April of this year. In contrast, renewable energy globally led by wind and solar power grew strongly, helped by continuing technological advances. Although the share of renewable energy within total energy remains small, at around 4%, it accounted for almost a third of the increase in primary energy last year.Our industry has faced some significant challenges in recent years. There are signs in last year’s data that markets are adjusting and some of the near-term pressures may gradually ease. But as we know from history, one set of challenges is likely to be replaced by another, as we learn to operate in ever-changing markets and to harness the opportunities afforded by the transition to a lower carbon environment. That will require understanding and judgement, both of which rely on the kind of robust data and analysis provided by the Statistical Review. I hope you find it a useful resource for your own discussions and deliberations.Let me conclude by thanking BP’s economics team and all those who helped us prepare this Review. The Review relies on the willingness of governments around the world to contribute their official data. Thank you for your continuing co-operation and transparency. Bob Dudley Group chief executiveJune 2017  2 BP Statistical Review of World Energy 2017 ã Production outside the Middle East fell by 1.3 Mb/d, with the largest declines in the US (-400,000 b/d), China (-310,000 b/d) and Nigeria (-280,000 b/d). ã Refinery throughput growth slowed from 1.8 Mb/d in 2015 to 0.6 Mb/d last year. Refining capacity grew by only 440,000 b/d, versus 10-year average growth of 1 Mb/d, causing refinery utilization to rise. Natural gas ã World natural gas consumption grew by 63 billion cubic metres (bcm) or 1.5%, slower than the 10-year average of 2.3%.ã EU gas consumption rose sharply by 30 bcm, or 7.1% – the fastest growth since 2010. Russia saw the largest drop in consumption of any country (-12 bcm).ã Global natural gas production increased by only 21 bcm, or 0.3%. Declining production in North America (-21 bcm) partially offset strong growth from Australia (19 bcm) and Iran (13 bcm).ã Gas trade grew by 4.8%, helped by 6.2% growth in LNG imports/exports.ã Most of the net growth in LNG exports came from Australia (19 bcm out of 21). US LNG exports rose from 0.7 bcm in 2015 to 4.4 bcm in 2016. Coal ã Global coal consumption fell by 53 million tonnes of oil equivalent (mtoe), or 1.7%, the second successive annual decline. 2016 at a glance Growth in global primary energy consumption remained low in 2016; and the fuel mix shifted away from coal towards lower carbon fuels. Energy developments ã Global primary energy consumption increased by just 1% in 2016, following growth of 0.9% in 2015 and 1% in 2014. This compares with the 10-year average of 1.8% a year. ã As was the case in 2015, growth was below average in all regions except Europe & Eurasia. All fuels except oil and nuclear power grew at below-average rates.ã Energy consumption in China grew by just 1.3% in 2016. Growth during 2015 and 2016 was the lowest over a two-year period since 1997-98. Despite this, China remained the world’s largest growth market for energy for a 16th consecutive year. Carbon emissions ã Emissions of CO 2  from energy consumption increased by only 0.1% in 2016. During 2014-16, average emissions growth has been the lowest over any three-year period since 1981-83. Oil ã The Dated Brent oil price averaged $43.73 per barrel in 2016, down from $52.39 per barrel in 2015 and its lowest (nominal) annual level since 2004.ã Oil remained the world’s leading fuel, accounting for a third of global energy consumption. Oil gained global market share for the second year in a row, following 15 years of declines from 1999 to 2014.ã Global oil consumption growth averaged 1.6 million barrels per day (Mb/d), or 1.6%, above its 10-year average (1.2%) for the second successive year. China (400,000 b/d) and India (330,000 b/d) provided the largest increments.ã Global oil production in contrast, rose by only 0.4 Mb/d, the slowest growth since 2013. ã Production in the Middle East rose by 1.7 Mb/d, driven by growth in Iran (700,000 b/d) Iraq (400,000 b/d) and Saudi Arabia (400,000 b/d).ã The largest declines in coal consumption were seen in the US (-33 mtoe, an 8.8% fall) and China (-26 mtoe, -1.6%). Coal consumption in the UK more than halved (down 52.5%, or 12 mtoe) to its lowest level in our records.ã Coal’s share of global primary energy consumption fell to 28.1%, the lowest share since 2004.ã World coal production fell by 6.2%, or 231 mtoe, the largest decline on record.China’s production fell by 7.9% or 140 mtoe, also a record decline. US production fell by 19% or 85 mtoe. Renewables, hydro & nuclear energy ã Renewable power (excluding hydro) grew by 14.1% in 2016, below the 10-year average, but the largest increment on record (53 mtoe). ã Wind provided more than half of renewables growth, while solar energy contributed almost a third despite accounting for only 18% of the total.ã Asia Pacific overtook Europe & Eurasia as the largest producing region of renewable power. China overtook the US to be the largest single renewables producer. ã Global nuclear power generation increased by 1.3% in 2016, or 9.3 mtoe. China accounted for all of the net growth, expanding by 24.5%. China’s increment (9.6 mtoe) was the largest of any country since 2004.ã Hydroelectric power generation rose by 2.8% in 2016, (27.1 mtoe). China (10.9 mtoe) and the US (3.5 mtoe) provided the largest increments. Venezuela experienced the largest decline (-3.2 mtoe). +1.0% Growth of global primary energy consumption, well below the 10-year average of 1.8%. Aerial view of Shanghai highway in China at night. Shanghai has an expansive grade-separated highway and expressway network consisting of 16 municipal express roads, 10 provincial-level expressways and eight national-level expressways.
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