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Wednesday, June 15, 2005

Energy Consumption Numbers

The latest fuel consumption numbers from BP confirm what was already pretty obvious: that with global growth continuing at a brisk clip, and two of the most populous nations, China and India, growing super-fast, the increasing use and price of Oil is structurally inbuilt into the system.

World energy consumption surged 4.3 per cent last year, the biggest percentage rise since 1984 and the largest volume increase ever, according to new figures from BP, the oil company.

BP's annual statistical review, released on Tuesday, showed that the fast-growing economies of Asia were responsible for a large portion of the rise. China's fuel consumption rose by 15.1 per cent and India's by 7.2 per cent.

Global consumption of oil also rose by 3.4 per cent, or 2.5m barrels a day, the biggest increase since 1978. Some 900,000 b/d of that increase in demand came from China, but BP said the demand also rose strongly across virtually every region.

There has been a lot of talk lately about China in this context, but India's energy needs are evidently on the rise, and they are also having geo-political consequences.

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