Energy demand stayed low in 2016, as the fuel mix shifted towards cleaner energy sources

Energy demand stayed low in 2016, as the fuel mix shifted towards cleaner energy sources

The British oil and gas company found that while energy consumption grew by just 1%—compared with a 10-year average of 1.8%—this growth was almost entirely sustained by developing countries, especially India and China.

The relatively low rate of demand can be partly explained, BP said, by the weak economic growth in China last year, and especially a slowdown in its iron, steel and cement industries. Global GDP only grew by 3%, its slowest rate since 2002.

China surpassed the US as the biggest renewable producer in the world, while BP chief economist Spencer Dale said it was “the end of an era” for coal, with the UK power sector celebrating its first coal-free day in April this year, and coal use back to levels not seen since the industrial revolution 200 years ago. Worldwide, coal was at its lowest consumption and production levels since 2004. Read More…

 

Credit By :  Petroleum Economist

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