Hydrocarbons demand still strong: BP

LONDON, June 14, 2018 – Last year saw growth in all sectors of the global energy industry, though few signs of a rapid transition to a carbon-neutral future, BP said in its Statistical Review of World Energy released Wednesday.

Renewable energy production, nevertheless, grew by 17%, or “the largest increment on record,” BP said. Natural gas production was up 4%, also reflecting attempts to transition to a lower carbon footprint, while oil production grew below average by 600,000 bopd. Coal consumption, however, also marked an increase by 1%, for the first time since 2013.

“2017 was a year where structural forces in the energy market continued to push forward the transition to a lower-carbon economy, but where cyclical factors have reversed or slowed some of the gains from prior years,” said BP CEO Bob Dudley. “These factors, combined with rising demand for energy, has resulted in a material increase in carbon emissions following three years of little or no growth.”

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