calgaryvolt
06-13-2008, 01:45 PM
The BP review of world energy for the year ending Dec 31 2007 was released earlier this week.
http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/reports_and_publications/statistical_energy_review_2008/STAGING/local_assets/downloads/pdf/statistical_review_of_world_energy_full_review_200 8.pdf
Global oil consumption grew 1.1% or about 1 million barrels per day which is below the 10 year average. Asia-Pacific consumption grew 2.3%. Growth in China was 4.1% and Hong Kong was 14.1%. Growth in India was 6.7%.
Major oil consumption growth was in Africa and the Middle East growing 4.6 and 4.4% respectively.
US consumption fell 0.1%.
Proved reserves basically remained the same with about 41 years of reserves remaining globally.
The BP CEO states that with the analysis of this data and the oil price data it's likely that price increases are less related to geologic constraints and more related to political issues (private companies not being allowed to explore in certain countries, high tax structures, hostile environments etc.)
http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/reports_and_publications/statistical_energy_review_2008/STAGING/local_assets/downloads/pdf/statistical_review_of_world_energy_full_review_200 8.pdf
Global oil consumption grew 1.1% or about 1 million barrels per day which is below the 10 year average. Asia-Pacific consumption grew 2.3%. Growth in China was 4.1% and Hong Kong was 14.1%. Growth in India was 6.7%.
Major oil consumption growth was in Africa and the Middle East growing 4.6 and 4.4% respectively.
US consumption fell 0.1%.
Proved reserves basically remained the same with about 41 years of reserves remaining globally.
The BP CEO states that with the analysis of this data and the oil price data it's likely that price increases are less related to geologic constraints and more related to political issues (private companies not being allowed to explore in certain countries, high tax structures, hostile environments etc.)