BP assesses 2004’s surge in energy demand

Demand grew for all forms of energy in 2004, outpacing the 10-year trend in every region of the world, according to the BP Statistical Review of World Energy 2005.

“The world’s overall energy consumption grew by 4.3% in 2004,” said Peter Davies, BP chief economist, as the report was released. “In volume terms, this is the largest-ever annual increase in global primary energy consumption and is the highest percentage growth since 1984.”

Chinese energy demand was up 15.15% in 2004 compared with 2003. In the past 3 years, Chinese energy demand has risen by 65%, accounting for more than half the increase in global demand during that period. China now consumes 13.6% of the world’s total energy, BP said.

Outside China, world energy demand rose by 2.8%, the fastest percentage increase since 1996 and double the rate of the previous 2 years.

Oil consumption in 2004 rose 3.4%, or 2.5 million b/d. BP said it was the fastest growth rate since 1978. Rising Chinese demand accounted for over a third of this increase.