Printer Friendly


 CLEVELAND, June 23 /PRNewswire/ -- The latest edition of the BP Statistical Review of World Energy, published today (Wednesday, June 23) shows that world energy consumption increased by just 0.2 per cent in 1992, although the flat global profile conceals significant regional variations.
 Breaking the energy markets down by region, two clear trends emerge:
 -- The world excluding non-OECD Europe has generated sturdy energy demand growth, especially in the LDCs but also in the OECD. Within this, oil and gas were the fastest growing fuels in 1992.
 -- Energy markets are continuing to contract in the former Soviet Union. Russian oil production is facing particular problems.
 -- This is the 40th anniversary of the initial publication of the Review in 1953 (under the title Statistical Review of the World Oil Industry). Since then it has become in many ways the "bible" of the oil and energy industry worldwide. The Review has grown in coverage over the years, and this year's edition introduces a more detailed breakdown of energy data for the major republics of the former Soviet Union, with historical data back to 1985.
 The Review provides a statistical overview of energy developments throughout the world - the following highlights the key points of the latest edition.
 The fall in energy demand in non-OECD Europe - down 7.7 per cent on 1991 - has accelerated, as economic restructuring has resulted in a cutback in the use of fuels. On the other hand, the industrialized countries notched up another year of modest growth with a 1 per cent increase in energy demand, while in the LDCs energy demand rose by an average 4.8 per cent, with the fastest growing Asian countries achieving double-digit rates.
 World oil consumption grew by just 0.5 per cent in 1992 with strong growth in the LDCs and modest growth in the OECD, offset by lower consumption in non-OECD Europe. Russian oil demand fell by nearly 10 per cent, but the largest falls were seen in the other former Soviet Union republics where the switch to hard currency payments for Russian oil, combined with general economic and political reforms, resulted in a collapse in oil demand. The Ukraine, for example, consumed 30.3 per cent less oil in 1992 than in 1991.
 Once again, Asia recorded the highest growth rates in oil consumption, and South Korea still leads the group with a 21.2 per cent increase in 1992.
 World oil production grew by almost half a million barrels a day (b/d) in 1992. Output in the Middle East rose by nearly 1.5 million b/d, most of the increase coming from the restoration of Kuwaiti production which, by the end of 1992, had returned to pre-Gulf War levels. However, this extra production from the Middle East was almost offset by the fall in output from the Former Soviet Union - down by almost 1.4 million b/d on 1991. Elsewhere, the continuing decline of US output was more than offset by increases in other OECD production, and there was a further expansion of supply from Latin America, Asia and Africa.
 The average price of Brent marker crude fell slightly from $20 a barrel in 1991 to $19.4 in 1992.
 The growth in world gas demand slowed in 1992 to just 0.4 per cent, as falling demand in non-OECD Europe - down by more than 5 per cent on 1991 - canceled out increases elsewhere. The most rapid growth was in the LDCs, where gas continued to gain market share from other fuels with South Korea recording the highest increase of 30.8 per cent in 1992. Gas consumption in the USA, the largest gas market, grew by 3.5 per cent - a relatively rapid rise - and this was a significant component in the overall growth of world gas consumption.
 World coal demand was unchanged in 1992, with the growth in LDC consumption being offset by falling demand elsewhere. Both nuclear and hydro-electric generation fell - by 0.5 per cent and 0.8 per cent respectively. The decline in the use of nuclear power ended a long run of uninterrupted annual increases, the main cause being the reduction in output from the Former Soviet Union.
 -0- 6/23/93
 /EDITOR'S NOTE: The OECD members are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Republ Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom and the USA.
 Non-OECD Europe includes Albania, Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Former Soviet Union, Yugoslavia and former Yugoslav Republics, Cyprus, Gibraltar and Malta.
 LDCs include Latin America, Africa, Middle East, and non-OECD Asia./
 /CONTACT: Ian Fowler, media relations, BP America, 216-586-4976/

CO: BP America ST: Ohio IN: OIL SU: PDT

AR -- CL014 -- 4985 06/23/93 11:48 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1993

Related Articles
Sun, oil.
RUSSIA - The Local Energy Market.
Strong UAE oil demand.
Middle East`s Oil Consumption up 4.4pc in 2007.
Conference to discuss ways to secure energy supplies.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters