World Sets New Oil Production Record

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Energy #PowerUp

JUN 14, 2018 @ 08:00 AM 714 2 Free Issues of Forbes

The Numbers: World Sets New Records In Use Of Solar, Wind -- And Oil

Robert Rapier , CONTRIBUTORThis column will be devoted to energy, the environment, and the economy  Opinions expressed by Forbes Contributors are their own.

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• Global solar power consumption increased by 35%, while wind power consumption rose 17% over 2016.
• Global carbon dioxide emissions rose 1.6% to a new record of 33.4 billion metric tons.

Clouds partially cover the moon beyond an illuminated BP logo as it sits on a sign outside a gas station operated by BP Plc in Guildford, U.K.This week BP released its 2018 Statistical Review of World Energy. Photographer: Jason Alden/Bloomberg

This week the 2018 BP Statistical Review of World Energy was released, which covers energy data through 2017. It is the definitive source for global energy production and consumption figures, and a primary source of data for numerous companies, government agencies and non-government organizations.

I will take a deeper dive into the report in upcoming articles, but today I want to cover some of the highlights.

First, the report shows that the world achieved a new oil production record of 92.6 million barrels per day (BPD), which is the 8th straight year global oil production has increased. The United States was the world's top oil producer in 2017, exceeding 13 million BPD* for the first time ever. Saudi Arabia was second at 12.0 million BPD, while Russia came in at 11.3 million BPD.

Oil consumption, which is quite a bit higher due to the inclusion of biofuels and fuels derived from coal and natural gas, also set a new record of 98.2 million BPD. U.S. consumption rose by 1.0%, and still leads the world at 19.9 million BPD. China's demand rose by 4% to a new record of 12.8 million BPD.

Global natural gas production jumped 3.0% to a new record of 355 billion cubic feet per day. The U.S. led all countries in both production and consumption of natural gas.

Global coal consumption increased by 1.0%, but remains 3.5% below the peak reached in 2013. Coal consumption declined in the U.S. and European Union, but crept 0.5% higher in China. China remains the world's top coal market, with the country consuming 50.7% of the world's coal in 2017.

Renewables continue to grow at a torrid pace. Global solar power consumption increased by 35%, while wind power consumption rose 17% over 2016.