Russia Kept Leadership in Global Oil, Gas Exports in 2016 - BP

It's the end of an era for coal

"The fortunes of coal appear to have taken a decisive break from the past", Spencer Dale, group chief economist at BP, said in his analysis of the figures.

Coal's share as a primary energy source dropped to 28.1 per cent, its lowest level since 2004, BP's annual Statistical Review of World Energy revealed. In the US, coal consumption dropped by almost 10 percent, falling to levels not seen since the 1970s.

Weaker industrial growth meant China's consumption of middle distillate fuels, which include diesel, fell a year ago for the first time in at least a decade, BP data show.

Unsurprisingly, this had a massive impact on the global coal markets, which saw global coal consumption fall by 53 million tonnes of oil equivalent (mtoe), or 1.7% - the second annual decline in a row.

Apart from this, in 2016, Russian Federation exported 77 percent of the globes' produced oil, 33 percent of produced natural gas, and 55 percent of produced coal, according to the document.

In 2016, Russian Federation maintained its top tier position in the world in terms of oil and gas exports, providing 13.2 percent of the worlds' oil exports and 18.9 percent of its natural gas exports, as shown Tuesday in the Statistical Review of World Energy June 2017, issued by the United Kingdom energy company BP.

President Donald Trump has made reviving the American coal industry a key tenet of his administration. Global emissions grew at an annual average rate of about 2.5 percent in the 10 years to 2013.




The report also detailed that China overtook the U.S.as the world's largest single producer of renewable energy in 2016.

While the slowing energy demand growth was a result of sluggish global economic activity, it also stemmed from more efficient of engines and factories, he said.

The annual report found that renewables were the fastest growing energy source in 2016, accounting for nearly a third of the increase, despite having a share of just 4%.

"While welcome, it is not yet clear how much of this break from the past is structural and will persist", BP CEO Bob Dudley said in a statement.

"Oil remained the world's leading fuel, accounting for a third of global energy consumption".

Global consumption dropped 1.7 percent past year compared with an average 1.9 percent yearly increase from 2005 to 2015, according to BP. He said he would pull the USA out of a global pact to limit carbon emissions because it would hurt industries like coal production, and his administration has moved to peel away regulations seen as harmful to the sector. "At the same time markets are responding to shorter-run run factors, most notably the oversupply that has weighed on oil prices for the past three years".

By contrast renewable power - excluding hydro - grew by 14.1 percent previous year, with wind and solar making significant contributions.

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