Presentation of BP Energy Outlook 2019

Presentation of BP Energy Outlook 2019

On 31 October 2019, the Caspian Center for Energy and Environment of ADA University hosted a presentation of “BP Energy Outlook 2019” by BP Chief Economist for Russia and CIS Vladimir Drebentsov. The presentation explored the key uncertainties that could impact the shape of global energy markets out to 2040.

This year’s edition highlighted the growing divergence between demands for action on climate change and the actual pace of progress on reducing carbon emissions. The world, according to the presentation, is on an unsustainable path.

Other important findings from the BP Energy Outlook 2019 included:

• Global energy demand grew by 2.9% and carbon emissions grew by 2.0% in 2018, faster than at any time since 2010/11.

• Natural gas consumption and production was up over 5%, one of the strongest rates of growth for both demand and output for over 30 years.

• Renewables grew by 14.5%, nearing their record-breaking increase in 2017, but this still accounted for only around a third of the increase in total power generation.

• Coal consumption (+1.4%) and production (+4.3%) increased for the second year in a row in 2018, following three years of decline (2014-2016).

• The United States recorded the largest-ever annual production increases by any country for both oil and natural gas, the vast majority of increases coming from onshore shale plays.

• The United States recorded the largest-ever annual production increases by any country for both oil and natural gas, the vast majority of increases coming from onshore shale plays.

The presentation was followed by a lively Q&A session.

The presentation can be downloaded here.