Azernews.Az

By Fatma Babayeva

The global demand for energy grew relatively slowly by only 1 percent that is similar to growth rate seen the last year, but lower seen over the last ten years, said Spencer Dale, BP Group chief economist in the company’s website.

He pointed the slowest growth rates seen in China since 1990s for energy as a key component in causing relatively weak growth in energy demand last year.

Nevertheless, there was a strong growth in oil demand (1.9 percent) which is stimulated by the low oil prices, said Dale.

Low oil prices were rooted in oil glut that the global oil market suffers since mid-2014.

Last year, non-OPEC supply had grown exceptionally strongly, which led by the U.S. tight oil, triggering a sizeable supply imbalance and the consequent fall in oil prices, said Dale, adding that however, the increase in the U.S. production was considerably smaller in 2015 compared to 2014.

Among non-OPEC supply increases, BP also mentions oil coming from Brazilian deepwater and Canadian oil sands.

Chief economist also noted the contribution to this oil surplus by increased oil production of Iraq and Saudi Arabia.

The market’s adjustment to the lower prices has continued this year, according to the expert.

It seems likely that the market will move broadly into balance in the second half of this year based on current trends, he added.

Dale stressed that the market will only truly return to normal when the sizeable stock overhang has been worked off.

In 2015, the fastest growth was observed in renewable energy, according to BP’s expert.

Azerbaijan

Azerbaijan holds 0.4 percent of the world’s total proven oil reserves, according to the latest BP report. The country produced 1 percent of the world’s total oil production in 2015 – 841 thousand barrels a day which is 1 percent less than its output in 2014.

In the meantime, the country holds 0.6 percent of the world’s total proved gas reserves and produced 0.5 percent of the world’s total gas production in 2015- 18.2 billion cubic meters which is 3.4 percent increase compared to 17.6 billion cubic meters extracted in 2014.

Turkmenistan

Turkmenistan produced 12.7 million tons of oil in 2015, which is by 5 percent more than in 2014, according to BP’s statistical review this year.

Meanwhile, the country's share in global oil output was 0.3 percent in 2015. Oil consumption in Turkmenistan over this period amounted to 6.4 million tons that is by 1.6 percent more than in 2014.

Turkmenistan holds 9.4 percent of the world’s total proved gas reserves and produced 2 percent of the world’s total gas production in 2015- 72.4 billion cubic meters which is 4.5 percent increase compared to the figure in 2014.

Uzbekistan

Uzbekistan's proved oil reserves stood at 100 million tons, natural gas reserves - at 1.1 trillion cubic meters on the results of 2015, said BP in its 2016 report.

Uzbekistan decreased oil output by 3.1 percent - to three million tons in 2015, according to BP's report.

The company says that Uzbekistan's average output was 64,000 barrels of oil per day in 2015 (by 3.1 percent less than in 2014).

Oil consumption volume in the country decreased by 0.1 percent - to 2.8 million tons in 2015, as compared to 2014. Average daily consumption of oil was 59,000 barrels in Uzbekistan in 2015 (by 0.1 percent less than in 2014).

The review says that Uzbekistan produced 57.7 billion cubic meters of gas in 2015, which is by 0.8 percent more than in 2014. Gas consumption in the country amounted to 50.3 billion cubic meters in 2015.

Kazakhstan

Kazakhstan's proved gas reserves stood at 0.9 trillion cubic meters as of early 2016, said the report.
However, proved gas reserves of the country amounted to 1.5 trillion cubic meters, or 0.8 percent of the global reserves according to BP's previous report.
Gas output in Kazakhstan, according to the country's Statistics Committee, increased by 5.2 percent to 45.713 billion cubic meters in 2015, as compared to 2014.

Regarding the country’s oil reserves, the country holds 1.8 percent of the global proved petroleum reserves and produced 1.8 percent of the total global oil output in 2015 as well. The country’s oil production experienced 1.9 percent decrease last year compared to 2014.

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Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

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