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Saturday, October 20, 2018

BP annual review of world energy 2002 – oil consumption flat for second year in a row

According to the BP annual review of world energy published in June 2003, world consumption of primary energy increased by 2.6% in 2002. Reported growth in energy demand in China of close to 20% was behind much of this growth. Coal was the fastest growing fuel in 2002 with an increase of nearly 7%. Again the 28% growth in Chinese coal consumption accounted for a good share of this growth.

Natural gas consumption also grew in 2002 by 2.8% while oil consumption was broadly flat for the second year in a row.

Brent oil prices averaged USD 25.19 per barrel in 2002 up slightly on the 2001 average of USD 24.77 and well above the post-1986 average of USD 19.40.

OPEC oil production fell substantially in 2002 for the second year in a row. The drop in OPEC production was the result of output restraint and unplanned disruptions to production. The OPEC restraint was a response to the sharp drop in demand for its oil in the face of weak global oil demand growth and the rapid expansion of oil production outside OPEC.