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Last year was a stormy one for oil markets. BP’s latest annual data highlight the US overtaking Saudi Arabia as the world’s largest oil producer and a sharp slowing in Chinese energy consumption.
Growth in global oil production was more than double that of consumption last year, as the US shale oil boom and a sharp fall in China’s energy consumption undermined benchmark oil prices. The BP Statistical Review of World Energy 2015 shows that oil and NGLs production rose by 2.1mn b/d in 2014, while consumption grew by only 800,000 b/d (see table, p15).
“The eerie calm that has characterized energy markets in the few years prior to 2014 came to an abrupt end last year,” BP CEO Bob Dudley said as he launched the latest report on 10 June. “However, we should not be surprised or alarmed. These events may well come to be viewed as symptomatic of a broader shifting of the tectonic plates that make up the energy landscape, with significant developments in both the supply of energy and its demand. Our task as an industry is to meet today’s challenges while continuing to invest to meet tomorrow’s demand, safely and sustainably.”
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