BP's Statistical Review of World Energy

[dan_s]

Here is the link:

https://www.bp.com/content/dam/bp/busin ... report.pdf

Lots of numbers, but definitely worth the time to review even if you just focus on the charts. Demand for oil, gas and NGLs is not going down anytime soon.

"The strength in energy consumption was reflected across all the fuels,
many of which grew more strongly than their recent historical averages.
This acceleration was particularly pronounced for natural gas, which grew
at one of its fastest rates for over 30 years, accounting for over 40% of the
growth in primary energy. On the supply side, the data for 2018 reinforced
the central importance of the US shale revolution. Remarkably, the US
recorded the largest ever annual increases by any country in both oil and
natural gas production last year, with the vast majority of both increases
coming from onshore shale plays. At the same time, renewable energy,
led by wind and solar power, continued to grow far more rapidly than any
other form of energy."

"The developments documented in this year’s Statistical Review highlight a
critical challenge facing the global power sector. Power demand increased
even more strongly than overall energy demand in 2018, as the world
continued to electrify. But this shift towards greater electrification can play
an important part in the energy transition only if it is accompanied by a
decarbonization of the power sector."

"Despite the continuing rapid growth in renewable energy last year, it
provided only a third of the required increase in power generation, with coal
providing a broadly similar contribution. Indeed, the increasing use of coal
within the power sector is estimated to have more than accounted for the
entire growth of global coal consumption last year."

"Overall, the electric power sector is estimated to have absorbed around half
of the growth in primary energy in 2018 and accounted for around half of the
increase in carbon emissions."

Comments above are why I am keeping an eye on copper and other metals used in the trend of more "electrification". - Dan