In the UK, the BP Statistical Review of World Energy 2013 – the 62nd annual report – revealing the largest single-year increase in US oil production ever recorded, and the first drop in biofuels production since 2000. The US recorded the world’s highest growth in production of both oil and natural gas in 2012, on the back of increasing production of unconventional hydrocarbons such as tight oil, an example of the increasing diversity of energy sources as the global market continues to adapt, innovate and evolve. With rising natural gas output driving prices lower in the US, natural gas displaced coal in power generation, causing the US to experience the largest decline of coal consumption in the world. Oil remains the world’s leading fuel, at 33.1% of global energy consumption, but oil continued to lose market share for the 13th consecutive year and its current market share is the lowest in BP’s data set, which begins in 1965.
Renewable energy sources saw mixed results in 2012. Global biofuels production recorded the first decline since 2000 (-0.4%), due to a decline in the US (-4.3%). In contrast, renewable energy used in power generation grew by 15.2%, slightly above the historical average.