 "Global energy demand grew by only 1% in 2015: BP Statistical review")
The global demand for primary energy grew by only 1% in 2015, marginally lower than 1.1% recorded a year ago and significantly slower than the 10-year average of 1.9%, according to the just released BP Statistical review of World Energy.
The slowdown in energy demand reflected continued weakness in the global economy and lower growth in Chinese energy consumption as the country shifts from an industrial to a service-driven economy.
On the supply side, technological advances have increased the range and availability of different fuels. The US shale revolution has unlocked huge swathes of oil and gas resources, and rapid technology gains have supported strong growth in renewable energy. Natural gas and oil also recorded solid growth in 2015, while global demand for coal saw its largest fall on record, the review said.
"The world of energy is again going through a period of profound change. But this is nothing new for our industry; over the past 65 years the Review has revealed continual change in the global energy landscape. Our task as an industry is to take the steps necessary to ensure our resilience in the near term, while continuing to invest to meet the energy needs of the future,” said BP Group Chief Executive Bob Dudley.
Prices of all fossil fuel energy fell last year, prompting adjustments in the energy markets; boosting demand in some markets – most notably oil which gained market share for the first time since 1999 – and curtailing supply and shifting the fuel mix in others.
Sluggish demand growth together with the shift in the energy mix away from coal meant that the growth in carbon emissions from energy consumption stalled in 2015. This encouraging development represented the slowest growth in emissions in nearly a quarter of a century aside from immediately following the financial crisis.