Energy demand stayed low in 2016, as the fuel mix shifted towards cleaner energy sources
China and India accounted for almost all the growth, says BP, and global emissions were flat for the second year in a row
Long-term, irreversible changes in world energy markets were evident in 2016, found BP's 66th statistical review, out now. The British oil and gas company found that while energy consumption grew by just 1%—compared with a 10-year average of 1.8%—this growth was almost entirely sustained by developing countries, especially India and China. The relatively low rate of demand can be partly explained, BP said, by the weak economic growth in China last year, and especially a slowdown in its iron, steel and cement industries. Global GDP only grew by 3%, its slowest rate since 2002. China surpassed the US as the biggest renewable producer in the world, while BP chief economist Spencer Dale said it
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind