BP: U.S. oil demand growth beats China, coal's global demand share rises

|About: BP p.l.c. (BP)|By:, SA News Editor

The U.S. recorded its largest-ever annual rise in oil production for a second year in a row with a 13.5% increase to 10M-plus bbl/day, and U.S. oil consumption outstripped China for the first time since 1999 as it reaped the benefits of the shale boom, according to BP's annual world energy review.

Oil prices are at their most stable since the early 1970s, the review says, as the huge U.S. output increase offsets disruptions to supply from places such as Libya.

Coal was the world's fastest growing fossil fuel, with 3% growth last year driven by developing nations; coal’s share of global energy use reached 30.1%, just below the 32.9% for crude oil, which lost market share for a 14th consecutive year.

Natural gas consumption rose 1.4%, below the 2.6% historical average, to account for 23.7% of world primary energy use; gas demand growth was below average everywhere but North America.

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