BP Economist sees global growth

October 3, 2011
By

Christof Ruehl

Christof Ruehl, BP Group Chief Economist, has noted that the global economy showed strong signs of recovery in 2010.

Mr. Ruehl visited Trinidad and Tobago to present the BP Statistical Review 2011. The longest-running, consistent set of objective, global energy data used by business, academics, and governments to inform policy and decision making.

During his brief stay in the country, he met with Prime Minister Kamla Persad-Bissessar and other representatives of the government and members of the business community. He also met with bpTT staff.

This marks the 60th year that BP has presented the report. According to the BP Statistical Review 2011, China became the world’s largest energy consumer in last year overtaking the USA during a year which saw the rebound in the global economy drive consumption higher and at a rate not seen since the aftermath of the 1973 oil price shocks.

Demand for all forms of energy grew strongly in 2010 and increases in fossil fuel consumption suggest that global carbon dioxide (CO2) emissions from energy use rose at their fastest rate since 1969.

The growth in energy consumption was broad-based, with both mature Organisation for Economic Cooperation and Development (OECD), or developed economies and non-OECD countries growing at above-average rates.

The strong rebound of global energy consumption in 2010 followed the recent global recession. Consumption growth reached 5.6%, the highest rate since 1973. It increased strongly for all forms of energy and in all regions. Total consumption of energy in 2010 easily surpassed the pre-recession peak reached in 2008.

Demand in OECD countries grew by 3.5%, the strongest growth rate since 1984, although the level of OECD consumption remains roughly in line with that seen 10 years ago.

Non-OECD consumption grew by 7.5% and was 63% above the 2000 level. Consumption growth accelerated in 2010 for all regions, and growth was above average in all regions.

The economy and energy demand

Source: BP Statistical Review of World Energy 2011

Chinese energy consumption grew by 11.2%, and China surpassed the US as the world’s largest energy consumer. Oil remains the world’s leading fuel, at 33.6% of global energy consumption, but it continued to lose market share for the 11th consecutive year.

GDP and energy growth

Source: BP Statistical Review of World Energy 2011

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