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China consumes more energy than all of North America combined: BP

The United States was awarded the banner of “Greatest Hydrocarbon Producer” in BP plc’s (ticker: BP) latest Statistical Review of World Energy. The achievement is considerable, but BP’s intentions move far beyond naming and world’s leading energy manufacturer. The 2015 Statistical Review is the 64th publication and takes more than 700,000 single data entries to determine the evolving global energy sphere. Some notable highlights of the latest report are listed below.

2014

  • Consumption reached record highs for all fuels, excluding nuclear, but grew at its slowest rate since 2009.
  • CO2 emissions grew at its slowest rate since 1998.

Oil

  • Oil lost market share for the 15th straight year but still remains the world’s primary fuel source, accounting for 32.6% of consumption.
  • United States production in 2014 increased by 1.6 MMBOPD, and is the first country to grow production by at least 1 MMBOPD for three straight years. Net oil imports are 7.3 MMBOPD less than 2005 totals.
  • United States refinery runs increased by 0.53 MMBOPD – the largest increase since 1986.

World’s Leading Oil Producers (MBOPD)

2004

2014

1. Saudi Arabia 10,458 1. United States 11,664
2. Russia 9,335 2. Saudi Arabia 11,505
3. United States 7,250 3. Russia 10,838
4. Iran 4,201 4. Canada 4,292
5. Mexico 3,830 5. China 4,246

World Total

80,938

World Total

88,673

Natural Gas

  • Consumption from the European Union (EU) was 11.6% – the largest on record.
  • Global pipeline shipments declined by 6.2%, also the largest on record. The decline can be attributed to frayed relations with Russia, whose net pipeline exports fell by 11.8%.
  • Liquefied natural gas trade accounts for 33.4% of all trade flows.

World’s Leading Natural Gas Producers (billion cubic meters)

2004

2014

1. Russia 573.3 1. United States 728.3
2. United States 526.4 2. Russia 578.7
3. Canada 183.7 3. Qatar 177.2
4. Iran 96.4 4. Iran 172.6
5. United Kingdom 96.4 5. Canada 162.0

World Total

2711.3

World Total

3460.6

Miscellaneous

  • Renewables accounted for 3% of global consumption, which is more than three times the amount from a decade ago.
  • The United States is leading the charge in renewable energy, nearly doubling its output from 2010. The nation now accounts for 20% of global renewable consumption.
  • The United States accounts for 33% of global nuclear energy. The next greatest is France, which accounts for about 17%.
  • Japan’s nuclear energy use was nonexistent in 2014. In 2011, the country consumed 66.2 million tons of oil equivalent, more than the rest of the Asia Pacific combined and roughly 10% of global consumption.
  • Germany’s nuclear consumption has dipped by 30% since 2010. Renewables have picked up the slack, completely replacing the reduced nuclear use. Germany’s renewable program has increased output by 60% since 2010.
  • China is the world’s leading producer of hydroelectricity and produces more than 33% of combined North American hydroelectric production.
  • China consumes more energy than all of North America combined. The United States and China combined account for 40.8% of global consumption, which is roughly equal to the overall consumption of the remainder of Asia and Europe.

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