BP Report Sees High But Slowing Growth in World Energy Use

June 20, 2007

For the second year in a row, 2006 was a year of slowing growth in world energy use, according to the BP Statistical Review of World Energy 2007, which was released on June 12th. World energy use grew by 2.4%, down from 3.2% in 2005, but still above the 10-year average, according to the report. Petroleum consumption actually fell among developed countries, due in part to prices peaking at $78 per barrel in August, while the global demand for oil grew only 0.7%. As has been the trend in recent years, slow increases in energy demand in developed countries was offset by rapid growth in the Asia Pacific region, particularly in China. China's energy consumption rose by more than 8%, and as a result, China now consumes 15% of the world's energy. See the BP press release and the online report.