BP Statistical Review of World Energy June 2008
Introduction
1 Group chief executive’s introduction
2 2007 in review
Oil
6 Reserves
8 Production
11 Consumption
16 Prices
17 Stocks
18 Refining
20 Trade movements
Natural gas
22 Reserves
24 Production
27 Consumption
30 Trade movements
31 Prices
Coal
32 Reserves
32 Prices
34 Production
35 Consumption
Nuclear energy
36 Consumption
Hydroelectricity
38 Consumption
Primary energy
40 Consumption
41 Consumption by fuel
43 R/P ratios
Appendices
44 Approximate conversion factors
44 Definitions
45 Further information
BP Statistical Review
of World Energy
June 2008
Introduction
1 Group chief executive’s introduction
2 2007 in review
Oil
6
8
11
16
17
18
20
Reserves
Production
Consumption
Prices
Stocks
Refining
Trade movements
Natural gas
22
24
27
30
31
Reserves
Production
Consumption
Trade movements
Prices
Coal
32
32
34
35
Reserves
Prices
Production
Consumption
Nuclear energy
36 Consumption
Hydroelectricity
Find out more online
BP Statistical Review of World Energy June 2008 is available online
at www.bp.com/statisticalreview. The website contains all the tables
and charts found in the latest printed edition, plus a number of extras,
including:
• Historical data from 1965 for many sections.
• Additional data for natural gas, coal, hydroelectricity, nuclear energy,
electricity and renewables.
• An energy charting tool, where you can view predetermined reports
or chart-specific data according to energy type, region and year.
• An oil, natural gas and LNG conversion calculator.
• PDF versions and PowerPoint slide packs of the charts, maps
and graphs, plus an Excel workbook of the historical data.
• A German translation of the Review.
• A Russian translation of highlights from the Review.
About the Review
For 57 years, the BP Statistical Review of World Energy has provided
high-quality, objective and globally consistent data on world energy
markets. The Review is one of the most widely respected and
authoritative publications in the field of energy economics, used for
reference by the media, academia, world governments and energy
companies. A new edition is published every June.
About BP
BP is one of the world’s largest oil and gas companies, serving
millions of customers in more than 100 countries across six continents.
Our business segments are Exploration and Production and Refining
and Marketing. Through these business segments, we provide fuel
for transportation, retail brands and energy for heat and light.
38 Consumption
Primary energy
40 Consumption
41 Consumption by fuel
43 R/P ratios
Appendices
44 Approximate conversion factors
44 Definitions
45 Further information
The data series for proved oil and gas reserves in BP Statistical Review of World Energy
June 2008 does not necessarily meet the definitions, guidelines and practices used for
determining proved reserves at company level, for instance, under UK accounting rules
contained in the Statement of Recommended Practice, ‘Accounting for Oil and Gas
Exploration, Development, Production and Decommissioning Activities’ (UK SORP) or
as published by the US Securities and Exchange Commission, nor does it necessarily
represent BP’s view of proved reserves by country. Rather, the data series has been
compiled using a combination of primary official sources and third-party data.
Group chief executive’s introduction
Welcome to the 2008 edition of the BP Statistical Review of World
Energy. This publication’s purpose has always been to provide objective
data about world energy markets, and I believe it will perform a particularly
important role this year.
The defining feature of global energy markets remains high and
volatile prices, reflecting a tight balance of supply and demand.
This has put issues such as energy security, energy trade and
alternative energies at the forefront of the political agenda worldwide.
At such a time, reliable data is an invaluable tool for decision makers
and analysts both inside and outside the industry.
World economic growth was strong last year, despite financial
market turmoil that began in August, and this continued to support
global energy consumption. Although growth in consumption slowed
in 2007 compared with 2006, it was still above the 10-year average
for the fifth consecutive year.
The oil price has been on an upward path for more than six years
now. According to our data series, which goes back to 1861, that is the
longest period of rising prices on record – and we know how this has
continued so far this year.
Coal – seen as afford...