Global energy demand up 'well ahead' of 10-year trend

07/14/2003
Global energy consumption increased by 2.6% in 2002 vs. the year before, "well ahead" of the 10-year trend of 1.4%/year. Worldwide oil production capacity, meanwhile, "comfortably exceeds" world demand and world oil supplies are "becoming more diverse," reported Peter Davies, BP PLC chief economist, in BP's Statistical Review of World Energy 2003.BP's annual report, released June 10, said that as a result of these factors, "producers were able to meet the needs of oil consumers during the Iraq war and during unplanned supply disruptions in Venezuela and Nigeria." As a further consequence of this, Davies added, "Consuming nations were not required to tap their emergency reserves. T...
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