Energy

Primary energy consumption rose 1.4% in 2008 for the slowest growth since 2001, according to the BP Statistical Review of World Energy. Non-OECD nations were responsible for most of the demand, as Asia-Pacific represented 87% of this growth, with China’s energy consumption up 7.2%. Globally, oil production increased 0.4% to 380,000 barrels per day (b/d), but consumption fell 0.6%. Excluding OPEC, oil production fell 1.4% last year. Refining capacity increased by 830,000 b/d, with China’s capacity increasing 2.9%. However, a decline in worldwide crude runs caused refinery utilization to fall to 84.8% for a third year of declines. Natural gas consumption rose 2.5% in 2008 to represent 24% of world energy consumption. Natural gas consumption was led by China, where it rose 15.8%. Natural gas production increased 3.8%, as US production grew 7.5%. In 2008, coal consumption rose 3.1% to make it the fastest growing fuel. Chinese coal consumption grew 6.8% to account for 43% of total coal consumption. Nuclear energy production declined 0.7%, hydroelectric generation increased 2.8%, wind generation capacity increased 29.9% and solar generation capacity rose 69%.

Source: BP Statistical Review of World Energy

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