Azerbaijan, Baku, 12 June / Trend corr A. Badalova/ "The defining feature of global energy markets remains high and volatile prices, reflecting a tight balance of supply and demand. This has put issues such as energy security and alternative energies at the forefront of the political agenda worldwide," said Tony Hayward, BP's chief executive at the launch of the 2008 BP Statistical Review of World Energy.
"But despite high and volatile energy prices, the world's energy markets continue to deliver reliable energy supplies," said Hayward.
The Review shows that the world's fossil fuel resource base remains sufficient to support growing levels of production but the continued weakness in oil supply and increasing demand outside the OECD also highlight the challenges that industry faces in maintaining secure energy supplies.
According to the BP Review, Dated Brent crude oil averaged $72.39 per barrel in 2007. Global oil consumption grew by 1.1% in 2007, or 1 million barrels per day (bpd). Consumption in the oil exporting regions of the Middle East, South and Central America, and Africa accounted for two-thirds of the world's growth.
In 2007, OECD consumption fell by 0.9%, or nearly 400,000 bpd. Global oil production fell by 0.2%, or 130,000 bpd.
"Oil production growth outside OPEC remained weak, rising by just over 200,000 bpd in 2007. FSU output rose by nearly 500,000 bpd, with Azerbaijan and Russia each growing by more than 200,000 bpd," Review says.
World natural gas consumption grew by an above-average 3.1% in 2007. Gas production in 2007 rose by 2.4%. EU production declined by 6.4%, with UK output falling by 9.5%.