Consumption increased for all fuels, reaching
record levels for every fuel type except nuclear
power; production increased for all fuels except
coal. For oil and natural gas, global consumption
growth was weaker than production. The data
suggest that global CO2 emissions from energy
grew at their slowest rate since 1998, other than
in the immediate aftermath of the financial crisis.
Emerging economies accounted for all of the net
growth in energy consumption, as they have on
average over the past decade, although growth
in these countries was well below its 10-year
average. Chinese consumption growth was
the slowest since 1998, yet China still recorded
the world’s largest increment in primary energy
consumption for the fourteenth consecutive year.
OECD consumption experienced a larger than
average decline, with weakness in the EU and
Japan offsetting above average growth in the US.
Energy consumption in the EU fell to its lowest
level since 1985.
Energy price developments in 2014 were
generally weak, with oil and coal prices falling
globally. Gas prices fell in Europe, were relatively
flat in Asia, and rose in North America. The
annual average price for Brent, the international
crude oil benchmark, declined reflecting a sharp
fall in prices in the second half of the year. The
differential between Brent and the US benchmark
West Texas Intermediate (WTI) narrowed but
remained elevated relative to past levels. As
with crude oil prices, differentials between
North American and international gas prices
generally narrowed but remained wider than
historical levels.
Energy developments
Global primary energy consumption increased
by just 0.9% in 2014, a marked deceleration
over 2013 (+2.0%) and well below the 10-year
average of 2.1%. Growth in 2014 slowed for
every fuel other than nuclear power, which was
also the only fuel to grow at an above-average
rate. Growth was significantly below the 10-year
average for Asia Pacific, Europe & Eurasia, and
South & Central America. Oil remained the
world’s leading fuel, with 32.6% of global energy
consumption, but lost market share for the
fifteenth consecutive year.
Although emerging economies continued
to dominate the growth in global energy
consumption, growth in these countries (+2.4%)
was well below its 10-year average of 4.2%.
China (+2.6%) and India (+7.1%) recorded the
largest national increments to global energy
consumption. OECD consumption fell by 0.9%,
which was a larger fall than the recent historical
average. A second consecutive year of robust US
growth (+1.2%) was more than offset by declines
in energy consumption in the EU (-3.9%) and
Japan (-3.0%). The fall in EU energy consumption
was the second-largest percentage decline on
record (exceeded only in the aftermath of the
financial crisis in 2009)