BP Report: Global Energy Consumption Rises, But Growth Rate Slips

BP CEO expresses concerns about the impact of COVID-19 in a ‘pivotal moment’ for the world.

bp report

(Source: BP)

Global demand for liquid fuels in 2019 topped 100 MMbbl/d for the first time but the COVID-19 pandemic will likely reshape economic, political and social trends in unforeseen ways, BP Plc said June 17 in its annual Statistical Review of World Energy.

“It feels like the world is at a pivotal moment: it needs to address these short-term concerns but in a way that builds back better,” Bernard Looney, the energy giant’s CEO, wrote in the report’s introduction.

All fuels, except nuclear, grew at a slower rate than their 10-year averages, the report said. Total energy consumption grew at 1.3% in 2019, less than half the rate of 2018. Oil consumption was up 900,000 bbl/d, led by China with an increase of 680,000 bbl/d. Industrialized economies reduced their consumption by a total of 290,000 bbl/d.

Already have an account? Log In

Subscribe now to get unmatched and complete coverage of the Energy industry’s entire landscape!

View our subscription options
  • Access to site wide content
  • Access to our proprietary databases
  • Watch exclusive videos with energy executives
  • Unlimited access to an extensive library of Playbooks, Techbooks, Yearbooks, supplements, and special reports
  • Newly Added! Access to Rextag's Energy Datalink, containing extensive GIS databases of energy assets, production records, processing capacities, physical locations, planned projects, acquisition records, and much more.

Joseph Markman

Joseph Markman, senior editor for Hart Energy, covers markets and provides data analysis for all Hart Energy editorial products.