BP’s Statistical Review of World Energy: highlights
June 8, 2011 Leave a comment
BP has put out its latest Statistical Review of World Energy, and it is a pretty good read. Here are a few highlights:
- 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.
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.