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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, Nov. 28


Join table-top game aficionados at the British Book Center’s Board Game Evening. Held every Friday at 5 p.m., aficionados and amateurs alike can come take part in a variety of different games that test one’s intellect and cunning.



Saturday, Nov. 29


Cats, dogs, birds, rodents and reptiles are just some of the things that will walk and crawl at Lenexpo convention center this weekend as part of Zooshow, a two-day exhibition featuring not only man’s best friends but a four-legged fashion show, as well as a food fair that will help pet owners find out more about which kibbles are best for their hungry pets.



Sunday, Nov. 30


Remember the 75th anniversary of the beginning of the Russo-Finnish war in 1939 during today’s reenactment titled “Winter War: How it Was.” More than 200 people will take part in recreating the opening salvoes of the battle for the north in Kamenka, a small village situated between Vyborg and St. Petersburg, using authentic equipment and vintage vehicles from the era. The faux battle begins at 2 p.m.



Monday, Dec. 1


Serbia filmmaker Emir Kusturica is the featured guest this evening at the Lensovet Palace of Culture the Petrograd Side. Fans of the director will get the chance to watch his movie “Black Cat, White Cat,” as well as ask questions about his award-winning filmography. Tickets for the event, which starts at 7 p.m., start at 2,000 rubles ($42.50).



Tuesday, Dec. 2


Today is the final day of “Takoy Festival,” a three-week program of plays based on the works of Dostoevsky, Remarque and other famed European writers, whose work is transcribed for theatrical performances. Tonight’s festival finale is “Fathers and Sons,” a two-act drama staged by the Novosibirsk Academic Drama Theater based on Turgenev’s classic about familial relations.



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