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BP Says Global Demand for Oil and Gas on the Rise

Published: June 17, 2014 (Issue # 1815)



  • The U.S. and China have been powering rising demand for energy resources, BP said on Tuesday.
    Photo: Andrei Makhonin / Vedomosti

Global demand for oil and gas Russia's key exports and the lynchpin of its foundering economy is growing, and Russia is well placed to capitalize on it, according to a BP review on world energy unveiled Monday.

Presenting the report at the 21st World Petroleum Congress held in Moscow, Bob Dudley, CEO of British oil company BP, said Russia was at the top of the world energy market.

"In 2013, Russia was the world's largest producer of oil and gas combined and the largest energy exporter," Dudley said.

Oil, gas and coal will continue to serve as the three horses driving the global energy cart in at least the next decade, with renewable energy sources catching up slowly, the report said.

The U.S. and China remain the world's two largest energy consumers, together accounting for 70 percent of all energy consumption growth, but in general, the report revealed that the energy gap between the developed countries of the OECD and countries outside the organization is at its smallest since 2000. The two groups' aggregate energy consumption was almost equal in 2013, while a decade ago developed countries were the ones consuming the most energy.

"China became a symbol of that ascent. It overtook EU energy consumption in 2007, the U.S. in 2010, and all of North America last year," BP's chief economist, Christof Ruhl, told the conference. Many would have found this hard to believe 10 years ago, he added.

While the economies of OECD countries have grown 18 percent in the last 10 years, energy consumption in the group has been flat, Ruhl said. In the European Union, energy consumption last year was back to the level of 1988, despite cumulative economic growth of 54 percent.

But though developed economies hardly contributed, global oil producers beat a lot of records last year. Russia posted a record oil output high for the post-Soviet era, and Canadian production reached an all-time peak. Thanks to extraction of shale and hard-to-reach oil, U.S. production exceeded 10 million barrels per day last year and reached its highest level since 1986, the report said.

U.S. oil consumption was up by 400,000 barrels per day from 2012, the fastest growth of any country last year. By comparison, it showed an average yearly decline of 100,000 barrels per day for the last 10 years.

While global gas consumption increased by 1.4 percent, consumption in EU fell to the lowest levels since 1999. Still, Russia was able to take advantage of several factors to increase its gas imports to Europe.

"As was the case with oil imports, falling exports from North Africa, Nigeria and also from Norway resulted in a need for alternative deliveries, where Russia stepped in, increasing Europe's imports from it by almost 20 percent in 2013," Ruhl said.

He also said the ongoing standoff over Ukraine will not harm the gas trade in the long run Europe will still need Russia's resources at an affordable price while Russia will continue to rely on the EU for much of its revenues from selling resources.





 


ALL ABOUT TOWN

Friday, Aug. 22


Get ready to pledge allegiance to the flag during National Flag Day, paying tribute to when, 23 years ago today, the iconic hammer-and-sickle was replaced with the tricolor that now flutters in the wind. Petersburgers will be treated to a free concert on Palace Square, a military parade and a culminating air show featuring Russias Russian Knights stunt pilots.



Saturday, Aug. 23


Uppsala Park plays host to Fairy Noon today, a performance of five separate fairy tales ranging from folk classics to more haunting selections. There will be three different renditions of the tales throughout the day and tickets start at 500 rubles ($13.80) for adults and 300 rubles ($8.30) for children.


Classic Finnish cartoon characters the Moomins expect to receive a warm welcome from Russian fans during todays Moomin Festival at the Pearl Plaza Shopping Center at 51 Petergofskoye Shosse. Become a kid again or introduce a new generation to the beloved creation of Finnish writer Tove Jansson.



Sunday, Aug. 24


The tortured genius of Dutch master Vincent van Gogh gets his day in the centers Konnushnaya Ploschad during Make Art Like Van Gogh, a daylong celebration of the artist that will allow amateur artists to try and replicate the work that made the famed painter world-renowned.


Experience a variety of dances highlighting the diversity of the world around as at the final day of the Ethno-Dance International Dance Festival that has been at the St. Petersburg Humanitarian University of Trade Unions this past week. Tonights performance will feature Egyptian dancers accompanied by local orchestras.



Monday, Aug. 25


Today kicks off the Elena Obraztsovoy International Competition for Young Vocalists in the large hall of the Shostakovich Philharmonic. Talented youngsters will showcase their range over the next six days before a winner is chosen on Aug. 30.



Tuesday, Aug. 26


Love movies but hate all those words? Then check out Rodina Cinema Centers Factor of Consensus film forum this evening. Silent movie classics from the beginning of the 20th century will be screened and accompanied by a pianist, who will provide the soundtrack for the ongoing action. The screenings begin at 7 p.m. Check Rodinas website for more details.



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