keeping prices stable. Indeed, the US increase
in 2013 was one of the biggest oil production
increases the world has ever seen.
Elsewhere, and after global coal prices have
fallen for two years in a row, coal is extending
its competitive edge in power generation and
the competitive balance has begun to shift.
Coal was the fastest-growing fossil fuel, with
China and India combined accounting for 88%
of global growth, while natural gas consumption
growth decelerated and grew at a below-average
rate. As was the case for total energy, gas
consumption growth was below average in
all regions except North America, which
continues to enjoy the cheapest prices among
international markets.
The importance of policy is also apparent in the
strength of renewable forms of energy, which
continued to grow robustly, albeit from a low
base. Renewables now account for more than
5% of global power output and nearly 3% of
primary energy consumption. The challenge of
sustaining expensive subsidy regimes, however,
has become visible where penetration rates are
highest, namely the below-average growth of
Europe’s leading renewable producers, who are
grappling with weak economic growth and
strained budgets.
Once again, the data in this review shows a
flexible global energy system adapting to a
changing world. It demonstrates how the world’s
quest for secure and fairly-priced energy can be
met through competitive industries driving
innovation and smart government policies that
amplify the creative ‘energy’. At BP we remain
focused on how to lead this process, delivering
the growing energy requirements of our
customers, safely and sustainably. We do this
by investing in our people and world-leading
technology, while exercising the capital discipline
sought by our investors.
I hope you will find this year’s Statistical Review a
useful resource for a global perspective on energy.
In concluding, let me thank BP’s economics team
and all those around the world who have helped
prepare this review – in particular those in
governments in many countries who contribute
their official data.