BP’s Statistical Review of World Energy: highlights

BP has put out its latest Statistical Review of World Energy, and it is a pretty good read. Here are a few highlights:

  • Even with an economy half the size of the US, China has surpassed America has the largest consumer of energy, at 20.3% of the world’s share.
    • 2010 saw the largest increase in the world’s consumption of primary energy since 1973, at 5.6%. OECD countries’ consumption grew 3.5%. Non-OECD countries’ consumption grew 7.5% (63% above 2000 levels).
    • China’s energy consumption increased 11.2%.
    • World proved oil reserves for 2010’s numbers would be sufficient to meet 46.2 years of consumption.
    And here are the best charts from the report:

    Reserves-to-production ratios:

    Crude oil prices in real terms:

    World trade movements of crude:

    Basically, we can be assured that oil is going to go a lot higher, barring a deflation, another financial crisis, and the ensuing collapse of commodity prices. And such a collapse could only be temporary, as trend is unmistakable. We need cold fusion or something at this point.

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