New base 18 june 2018 energy news issue 1181 by khaled al awadi-compressed

Copyright © 2018 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
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publication. However, no warranty is given to the accuracy of its content. Page 1
NewBase Energy News 18 June 2018 - Issue No. 1180 Senior Editor Eng. Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
UAE, Kuwait target $220bn energy spend by 2022
Trade Arabia + NewBase
The UAE and Kuwait have announced ambitious power capacity targets for 2022, that could see
them invest over $220 billion each in the energy sector, said the Arab Petroleum Investments
Corporation (Apicorp) in a new report.
The multilateral development bank focused on the energy sector published its latest research report
today (June 12), which this month focuses on the performance of the different countries in the Mena
region’s oil supply, in the context of regional geopolitics.
The report notes the effect of a number of geopolitical issues leading up to the second quarter of
2014, when crude supply began to overtake total demand resulting in an imbalance that reached
1.5 million barrels (mb/d) in 2015. This imbalance continued well into 2016 and 2017 – though
narrowing – resulted in record levels of stock build.

Following the Arab spring that began in December 2010, supply in several Mena countries was
severely disrupted, and coupled with Iranian sanctions, led to substantial losses from the region that
contributed to a rise in oil prices. In Syria and Yemen, exports dropped to zero, whilst in Libya,
output fell from above 1.5mb/d in 2011 to as little as 220kb/d by mid-2014. But high prices inevitably
led to strong supply response, mainly from the US. With a contraction in global demand growth, the
market became out of balance, leading to a steep decline in oil prices that saw Brent dip below $30
a barrel in January 2016.
The Organisation for Economic Co-operation and Development (OECD) commercial stocks
increased from around 2,640mb/d in May 2014, to a peak of 3,110mb/d by July 2016. This caused
prices to plunge and new measures to be implemented by Opec to rebalance the market, while
different oil-based economy countries from across the region looked to invest more heavily in energy
sources to overcome the oversupply.
In November 2017, the UAE announced plans to invest $109 billion in the sector until 2022. Kuwait
also followed suit by announcing similar plans earlier this year to invest $112 billion in the next five
years to boost production in hope of increasing oil capacity from 3.2mb/d at the start of this year to
around 4mb/d by 2020.
In other parts of the region, investors have been more cautious. In the case of Libya, the improving
production profile is not backed by a strong historical trend, having had an inconsistent production
profile due to regular production outages caused by different factors including civil unrest and
geopolitical tensions. While different operations in the country were hit, net output has improved
after restarting the 330kb/d Shahara fields, with further increases expected following its $450 million
acquisition of Marathon’s 16.3 per cent stake in the 300kb/d Waha consortium.

The report also finds that Iraq managed to continue increasing production even whilst battling so-
called Islamic State, while Iranian output recovered following the lifting of sanctions, and Libyan
production returned to 1mb/d this year for the first time since 2013.
Earlier this year, Iraq announced a revised capacity target with the aim of reaching 6.5mb/d by 2022.
In the first quarter of 2018, the country’s rig count reached 58, 17 higher than the same period last
year and has been the main contributor to Mena’s overall rig count.
Iran has a unique set of challenges to overcome, following the US’s decision to re-impose secondary
sanctions. However, during the brief period when the sanctions were lifted, Iran managed to surprise
by increasing output from 2.9mb/d in 2015 to 3.8mb/d today, surpassing pre-sanction levels of
3.6mb/d.
The report also finds that while the Opec+ production cut agreement has indeed benefited the
market by stabilising it, the main concern has been outside Mena, particularly Venezuela and to a
lesser extent Angola whose fields are maturing and nearing depletion.
In Venezuela – now widely seen as the highest risk to the oil market - production has not recovered
since the end of 2014 when it stood at 2.4mb/d and has shrunk to reach 1.4mb/d as recently as Q1
2018, with the downward trend expected to continue. Production in the country is at a 30-year low.
With high debt, rising inflation and deteriorating equipment and labour shortages, Venezuela’s
production could see further output losses by year-end.

Mustafa Ansari, senior economist, said: “The situation that the market has found itself in is an
interesting one. It has become apparent that the market is increasingly affected by a broader range
of factors, and that the US shale industry cannot rebalance the market alone.
“As demand growth continues to outpace supply, we could see further stock withdrawals. And with
Opec spare capacity expected to decline, especially if production cuts are eased, then the market
will have a small buffer within which it can cushion itself against supply disruptions, leading to price
hikes and higher volatility.
Ghassan Al-Akwaa, Energy Sector specialist at Apicorp, said: “Our report shows that supply from
the Organization of the Petroleum Exporting Countries (Opec) increased by 3.85mb/d between the
second quarter of 2014 and the end of 2016, with output only falling following the Opec+ agreement.
“This can mean only one thing: the oil industry is still thriving, and this is shown through different
exporting countries – like Iraq and Iran – bouncing back from their different set of challenges
stronger than any other time.” –
The UAE has done impressive work to stay on track with the renewable energy targets
and with phases 3 and 4 of the Dubai Solar Park to begin commissioning by the end
of 2020, and is placed at the forefront of renewable energy development in the region,
according to a research published by the Arab Petroleum Investments Corporation,
APICORP, on the regional renewable energy sector.

Iraq moves to create its own oil tanker fleet & Expand loaders
© Jean-Paul Pelissier / Reuters
OPEC’s second-largest producer Iraq has taken steps toward selling its crude oil on a delivered
basis after it is looking to build its own tanker fleet. At present, most of Iraq’s crude oil and oil
products are being sold on a so-called ‘free on board’ basis, in which the seller pays for
transportation of the goods to the port of shipment, plus loading costs.
With a tanker fleet of its own, Iraq could sell crude oil on a delivered basis and manage the shipping
of the oil to customers. Other Gulf oil producers sell their oil on an ex-ship basis—which requires
the seller to deliver goods to a customer at an agreed port of arrival.
Iraq is now looking to have its own fleet after decades without its own vessels. The state-held Iraq
Oil Tanker Company (IOTC) has struck agreements with Iraqi shipping company Al-Iraqia Shipping
Services & Oil Trading (AISSOT) to help build the fleet and train staff, IOTC’s general manager
Hussein Allawi told Platts on Thursday.
AISSOT is a joint venture company set up by IOTC and Arab Maritime Petroleum Transport
Company (AMPTC) to meet the growing needs of the Government and industry in Iraq. AISSOT is
mandated to invest in the creation of world-class strategic infrastructure for oil and gas, shipping
logistics, and trading operations, according to its website.
“They [AISSOT] are promoting their crude export and own transportation volume, so that more will
be handled by their national shipping arm,” a shipping executive at a North Asian refiner told Platts,
commenting on the Iraqi efforts to manage their own fleet and exports. According to the executive, the
Iraqi company plans to buy secondhand tankers and order new-builds, possibly buying as many as 40-50
very large crude carriers (VLCCs). AISSOT currently owns two VLCCs, shipping sources told Platts.

Egypt: SDX Energy spuds SRM-3 appraisal well at South Ramadan
Source: SDX Energy
SDX Energy, the North Africa focused oil and gas company, has announced that it has spud
its SRM-3 appraisal well at South Ramadan, Egypt (SDX 12.75% working interest and non-
operator).
The SRM-3 well is the last remaining commitment well on the South Ramadan concession. The
well is anticipated to take up to 90 days to drill and complete. Based upon the results of this well the
Company will decide how best to optimise its position in the licence.
About SDX
SDX is an international oil and gas exploration, production and development company,
headquartered in London, England, UK, with a principal focus on North Africa. In Egypt, SDX has a
working interest in two producing assets (50% North West Gemsa & 50% Meseda) located onshore
in the Eastern Desert, adjacent to the Gulf of Suez and a 55% interest in the South Disouq appraisal
and development project in the Nile Delta. In Morocco, SDX has a 75% working interest in the Sebou
concession situated in the Rharb Basin.
These producing assets are characterised by exceptionally low operating costs making them
particularly resilient in a low oil price environment. SDX's portfolio also includes high impact
exploration opportunities in both Egypt and Morocco.

World Aviation Transport Faces Turbulence as Slowest Changes Its Fuel
©2018 Bloomberg L.P. -- Alex Longley
From the window of a jet plane, it can be hard to see ships crawling across the seas. Yet what’s
burning in those engines thousands of feet below may determine the fate of airline profits in the next
few years.
In about 18 months’ time, the world’s oil refineries are going to have to supply shipping companies
with better-quality fuel to comply with international regulations agreed back in 2016 in a nondescript
building on the banks of the River Thames in London.
While the regulators’ target was to lower sulfur emissions from ship fuel, it’s becoming increasingly
clear there will be an accompanying -- and significant -- impact on the supply of jet fuel, the aviation
industry’s single biggest expense. The trouble is, there’s profound disagreement about whether the
result will be a glut or a shortage of the fuel.
“These rules are going to impact airlines,” said Mark Maclean, managing director at Commodities
Trading Corporation Ltd., which advises on hedging strategies. “The impacts will not be isolated
only within the shipping industry, these changes will affect the entire oil and middle-distillate
complex,” the part of refining that includes jet fuel and diesel.
From Jan. 1, 2020, the world’s ships will need to consume fuels containing less sulfur under the
2016 rules set out by the International Maritime Organization, part of the United Nations. Oil
refineries are likely to face an initial demand surge from shippers for diesel-type products when the
rules kick in. Diesel is critical in determining the cost of normally more-expensive jet fuel, so if that
historic price relationship holds, then the aviation industry’s fuel bill could surge as well.

Refining Puzzle
How it plays out in practice hinges on the way refineries make jet fuel and -- critically -- how much
flexibility they’ll have to adjust their output once the new rules enter into force.
Jet fuel is made in one simple refining process, meaning that if more crude gets distilled to make
diesel, then there will be an unavoidable surge in jet fuel supplies too. Several traders say that could
result in a surplus.
But not everybody agrees. For one thing, increased amounts of jet fuel will be blended into fuel oil
to meet the more stringent sulfur specifications, according to Jan-Jacob Verschoor, a director at Oil
Analytics and a chemical engineer by training who previously worked at Royal Dutch Shell Plc.
Refineries will also have some flexibility to maximize diesel production to the detriment of jet fuel
output, more than negating any ramp-up in overall crude processing, he said.
Airlines Un-Hedged
So far, most airlines seem relaxed about the situation. Of 26 carriers monitored by Bloomberg in
Europe, the U.S. and Asia, only Southwest Airlines Co. has reported hedged fuel prices into the
next decade. The company has 38 percent of 2020 buying covered, up from 36 percent a year ago
for 2019. It’s already hedging all the way into 2022.
“New developments like IMO 2020 regulations are certainly one of the many items we monitor on
an ongoing basis to determine their impact on the energy markets, and ultimately the price of jet
fuel, and we incorporate such information into our robust planning processes,” Southwest said by
email in response to questions about its hedges.
Big Question
Prices for jet fuel for mid-2020 have risen by more than 40 percent since the middle of last year,
tracing gains in both crude and diesel. Rising profit margins for diesel, one of the fuels that airlines
reference when hedging their costs, are a sign of the impact the new shipping rules already are
having on the market, London-based Maclean said. The ICE gasoil crack, or premium to Brent, for
June 2020 has gained about 60 percent since last July.
The fallout from the shipping rule change is an important quandary for airlines already suffering from
a more than 50 percent increase in crude prices over the past year.
The crude-price surge may force some weaker operators out of business, Ryanair Holdings Plc
Chief Executive Officer Michael O’Leary said last month. Willie Walsh, CEO of British Airways parent
IAG SA, said last week that the price of fuel “is having an impact because it’s much higher than we
expected.” Rising fuel costs were a factor that prompted the International Air Transport Association
to cut its profit target for global aviation.
Hedging Strategy
While those higher crude prices may be preoccupying airline executives for now, the looming changes for
shipping are starting to register.
Robert Isom, president of American Airlines Group Inc., said in a call last month that his company too is
looking at the issue without having a clear strategy yet. At a recent industry conference, the CEOs of Kenya
Airways Plc and LOT Polish Airlines SA said they were aware of the issue and that, if anything, it may lower
costs as more jet fuel gets produced. Virgin Australia’s CEO also said it would likely influence pricing. “Our
fuel guys are going through everything to understand what the impact could be on us,” Isom said. “So, we
are in the process of working through that. I don’t have an answer on that yet at all.”

NewBase June 18 - 2018 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Oil prices fall on expectation Russia, Saudi will raise output
Reuters + Bloomberg + NewBase
Brent crude futures, the international benchmark for oil prices, were at $73.05 per barrel at 0036
GMT, down 39 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI)
crude futures were at $64.24 a barrel, down 82 cents, or 1.3 percent, from their last settlement.
The drops came after crude futures fell around 3 percent on Friday, hurt by concerns about rising
output and a U.S.-China trade row. "Oil prices tanked... after Russia and Saudi Arabia all but
confirmed a production increase," said Stephen Innes, head of trading for Asia/Pacific at futures
brokerage OANDA.
The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), which is de-
facto led by Saudi Arabia, and some allies including Russia have been withholding output with since
the start of 2017. Producers will meet in Vienna on June 22 to decide forward production policy.
Oil price special
coverage

"Most industry observers are expecting a production rise," said Innes, although he added that "the
magnitude and timing of the boost remain uncertain."
Also looming over markets was a threat by China to slap a duty on U.S. oil imports in response to
announcements by Washington of new import sanctions on China, in what many analysts say could
be a serious trade stand-off between the world's biggest two economies.
WTI Oil Price Slumps Below $65
Oil fell below $65 a barrel as Saudi Arabia and Russia prepared for a clash with allied crude
producers over whether to lift output and as China and the U.S. exchanged trade threats.
Futures in New York dropped as much as 1.8 percent, on course for the lowest close since April 9,
after a 2.7 percent decline Friday. Iran says Venezuela and Iraq will join it in blocking a proposal to
increase production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in
Vienna this week. China said it would impose tariffs on a variety of U.S. goods, including crude and
gasoline, in response to President Donald Trump’s $50 billion levy on Chinese imports.
Crude has dropped more than 10 percent from late May amid signs Saudi Arabia and Russia are
seeking to lift output curbs that have eliminated a global surplus and boosted prices. Meanwhile,
traders are trying to digest the impact from both the U.S. and China issuing tariffs on goods and the
threat of a broader trade war between the world’s two largest economies.
OPEC Highlights Demand Uncertainty Before Crucial Meeting
OPEC emphasized the deep uncertainty over the strength of demand for its oil just a week before
contentious talks on whether to raise production.
There’s a “wide forecast range” for how much crude the Organization of Petroleum Exporting
Countries needs to pump in the second half of the year, its research department said in a monthly

report. With a range of of 1.7 million barrels a day between the upper and lower estimates, demand
could either be significantly higher, or slightly below, than OPEC’s current output.
“Looking at various sources, considerable uncertainty as to world oil demand and non-OPEC supply
prevails,” according to the report, published by OPEC’s secretariat in Vienna. “This outlook for the
second half of 2018 warrants close monitoring.”
OPEC and its allies are headed for a fractious meeting in Vienna next week as Saudi Arabia, under
pressure from President Donald Trump, seeks to revive halted output to prevent higher prices. While
Russia also favors an increase, there’s growing resistance from countries that have little scope to
raise production, including Iraq, Iran and Venezuela. Tuesday’s report could give ammunition those
nations, putting them on a collision course with other members who seem determined to pump
more.
Glut Gone
The Saudis and Russia have been leading a 24-nation coalition of oil producers, drawn from OPEC
and beyond, since early 2017. Their supply cuts have already cleared a global glut, with oil
inventories falling below their five-year average for the first time since 2014, according to the report.
Under the current terms of the supply deal, production curbs are set to continue until the end of
2018. The cartel’s main forecast, mostly unchanged from last month’s report, indicates that more
OPEC crude would be needed to fully satisfy global demand. However, the group also gave unusual
emphasis to the uncertainty in this estimate.

An average of 33.34 million barrels a day is required from the group’s 14 members in the second
half of 2018, considerably higher than the 31.87 million they pumped last month, the report showed.
Output from Venezuela continues to slump amid an economic crisis, slipping to 1.39 million barrels
a day in May.
Growing Risks
Yet the report also said that “downside risks might limit” the demand outlook as economic growth
slows in major economies, fuel subsidies are withdrawn and consumers switch from oil to natural
gas. It also highlighted the potential for even faster output growth from rival producers including the
U.S., Canada and Brazil.
OPEC uses the top end of the forecast range for its base-case estimate, the report showed. If
demand for its crude turns out to be at the lower end, OPEC’s current output would already be
slightly higher than the market requires.
Despite the uncertainties, Saudi Arabia and Russia appear to already be in the process of increasing
production, unwinding almost 18 months of supply restraint.
Saudi Arabia told the organization it had raised output above 10 million barrels a day last month for
the first time since October, the report showed. Russia boosted crude supply to the highest in 14
months in the first week of June as some companies breached their caps, said a person with
knowledge of the matter.
Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost
Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s
backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.

“Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour
Ardebili said in comments to Bloomberg on Sunday. “If the Kingdom of Saudi Arabia and Russia
want to increase production, this requires unanimity. If the two want to act alone, that’s a breach of
the cooperation agreement.”
Iran’s comments show that OPEC members are set to clash when they meet later this week in
Vienna to discuss the proposal to end global output cuts. The historic 24-nation pact has succeeded
in its goals of balancing oil markets and lifting crude prices, and the two biggest producers want a
relaxation of quotas as soon as next month. But while Saudi Arabia and Russia are pumping below
capacity, many countries in OPEC including Iran and Venezuela would struggle to raise output even
if their quotas were increased.
OPEC and its allies could consider a production increase of as much as 1.5 million barrels a day,
Russian Energy Minister Alexander Novak said on Thursday. That would be enough to offset
the supply losses from Venezuela and Iran foreseen by the International Energy Agency. Saudi
Arabia has been discussing different scenarios that would raise production by between 500,000 and
1 million barrels a day, according to people familiar with the matter.

EIA expects Brent crude prices will average $71 per barrel in 2018, $68 per barrel in 2019
Source: U.S. Energy Information Administration, Short-Term Energy Outlook
In the June 2018 update of its Short-Term Energy Outlook (STEO), EIA forecasts Brent crude oil
prices will average $71 per barrel (b) in 2018 and $68/b in 2019. The updated 2019 forecast price
is $2/b higher than in the May STEO.
Brent crude oil spot prices averaged $77/b in May, an increase of $5/b from April and the highest
monthly average price since November 2014. West Texas Intermediate (WTI) prices are forecast
to average almost $7/b lower than Brent prices in 2018 and $6/b lower in 2019.
Crude oil prices have reached high levels as global oil inventories have generally declined from
January 2017 through April 2018. Even though the 2019 oil price forecast is higher than it was in
the May STEO, EIA expects oil prices to decline in the coming months because global oil inventories
are expected to rise slightly during the second half of 2018 and in 2019.
Expected inventory growth results from forecast oil supply growth outpacing forecast oil demand
growth in 2019. EIA currently forecasts global petroleum and other liquids inventories will increase
by 210,000 barrels per day (b/d) next year, a factor that, all else being equal, typically puts
downward pressure on oil prices.
Most of the growth in global oil production in the coming months is expected to come from the United
States. EIA projects that U.S. crude oil production will average 10.8 million b/d for full-year 2018, up
from 9.4 million b/d in 2017, and will average 11.8 million b/d in 2019. If the 2018 and 2019 forecast
annual averages materialize, they would be the highest levels of production on record, surpassing
the previous record set in 1970.

Tight oil production in the Permian region of West Texas and New Mexico is the main driver of rising
U.S. production. Among other countries outside of the Organization of the Petroleum Exporting
Countries (OPEC), Canada and Brazil are also expected to experience significant growth in oil
production in 2019.
EIA expects that OPEC crude oil production will average 32.0 million b/d in 2018, a decrease of
about 0.4 million b/d from the 2017 level. Total OPEC crude oil output is expected to increase slightly
in 2019 to an average of 32.1 million b/d.
The 2018 and 2019 levels are 0.2 million b/d and 0.3 million b/d lower, respectively, than forecast
in the May STEO, reflecting revised expectations of crude oil production in Venezuela and Iran. The
lower OPEC forecast is one of the main reasons EIA expects oil prices to be slightly higher in 2019
compared with last month’s forecast.
OPEC, Russia, and other non-OPEC countries will meet on June 22 to assess current oil market
conditionsassociated with their existing crude oil production reductions. Current reductions are
scheduled to continue through the end of 2018. Oil ministers from Saudi Arabia and Russia have
announced that they will re-evaluate the production reduction agreement given accelerated output
declines from Venezuela and uncertainty surrounding Iran’s production levels.
In the June STEO, EIA assumes declining Venezuelan and Iranian crude oil production in 2019 will
be offset by increasing production from Persian Gulf producers, primarily Saudi Arabia.
Depending on the outcome of the June 22 meeting, however, the magnitude of any supply response
is uncertain. Overall, EIA expects global oil production to increase by almost 2.0 million b/d in 2019
compared with forecast oil demand growth of 1.7 million b/d.

NewBase Special Coverage
News Agencies News Release June 18-2018
BP Statistical Review of World Energy 2018: Two steps
forward, one step back
Source: BP
 Global energy demand growth above its 10-year average
 Natural gas was the largest source of energy growth, boosted by coal-to-gas switching in
China, and renewables continue to grow
 For the first time, the BP Statistical Review of World Energy includes data on the fuel mix in
the power sector, which strikingly is unchanged from 20 years ago, and key materials (eg,
lithium and cobalt) for the changing energy world.
Introducing the 2018 edition of the BP Statistical Review of World Energy, Bob Dudley, BP group
chief executive, said: '2017 was a year where structural forces in the energy market continued to
push forward the transition to a lower carbon economy, but where cyclical factors have reversed or
slowed some of the gains from prior years.
These factors, combined with rising demand for energy, has resulted in a material increase in carbon
emissions following three years of little or no growth.'
Fuel consumption by region 2017

Percentage
Data published in the Review – the 67th annual edition – show that:
 growth in energy demand increased, led by growing demand for natural gas and renewables,
 gains in energy efficiency slowed as industrial activity in the OECD accelerated and output
from China’s most energy-intensive sectors returned to growth,
 coal consumption increased for the first time in four years, led by growing demand in India
and China, and
 carbon emissions are estimated to have increased after three years of little to no growth.
In 2017 global energy demand grew by 2.2%, above its 10-year average of 1.7%. This above-trend
growth was driven by stronger economic growth in the developed world and a slight slowing in the
pace of improvement in energy intensity.
Demand for oil grew by 1.8% while growth in production was below average for the second
consecutive year. Production from OPEC and the 10 other countries that agreed cuts decreased,
while producing countries outside of that group, particularly the US driven by tight oil, saw increases.
Consumption exceeded production for much of 2017 and as a result OECD inventories fell back to
more normal levels.
2017 was a strong year for natural gas with consumption up 3% and production up 4% – the fastest
growth rates since immediately following the global financial crisis. The single biggest factor fueling
global gas consumption was the surge in Chinese gas demand, where consumption increased by
over 15%, driven by government environmental policies encouraging coal-to-gas switching.
Renewables grew strongly in 2017, with wind and solar leading the way. Coal consumption was
also up, growing for the first time since 2013.
Oil reserves-to-production (R/P) ratios
Years

BP Statistical Review of World Energy 2018
© BP p.l.c. 2018
Oil production/consumption by region
Million barrels daily
Production by
region
Consumption by
region

© BP p.l.c. 2018
Crude oil prices 1861-2017
US dollars per barrel, world events
© BP p.l.c. 2018
Regional refining margins
US dollars per barrel

© BP p.l.c. 2018
Gas reserves-to-production (R/P) ratios
Years
2017 by region History
© BP p.l.c. 2018
Gas production/consumption by region
Billion cubic metres
Consumption by regionProduction by
region

© BP p.l.c. 2018
Gas prices
$/mmBtu
© BP p.l.c. 2018
Source: Includes data from FGE MENAgas service, IHS.
Major gas trade movements 2017
Trade flows worldwide (billion cubic metres)

© BP p.l.c. 2018
Coal reserves-to-production (R/P) ratios
Years
2017 by region History
© BP p.l.c. 2018
Coal prices
US dollars per tonne

© BP p.l.c. 2018
Nuclear energy consumption by region
Million tonnes oil equivalent
© BP p.l.c. 2018
Hydroelectricity consumption by region

© BP p.l.c. 2018
Renewable energy consumption/share
of power by region
Other renewables consumption by
region
Other renewables share of power generation
by region
Percentage
Biofuels production by region
World biofuels production
© BP p.l.c. 2018

Regional electricity generation by fuel 2017
Percentage
© BP p.l.c. 2018
Share of global electricity generation by fuel
Percentage
© BP p.l.c. 2018

Bob Dudley commented:
'This year’s Review looks at the energy mix within the power sector, for the first time, which
astonishingly shows that the share of coal in the sector is unchanged from 20 years ago.
'As we have said in our Energy Outlook, our Technology Outlook and now our Statistical Review,
the power system must decarbonize. We continue to believe that gains in the power sector are the
most efficient way to drive down carbon emissions in coming decades.'
The BP Statistical Review of World Energy and other material is available online at: www.bp.com/statisticalreview
© BP p.l.c. 2018
Key materials prices
Cobalt prices
Thousands of US dollars per tonne
Lithium carbonate prices
Thousands of US dollars per tonne

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in the designing & constructing of gas pipelines, gas metering & regulating
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