Fossil Fuel Production Up Despite Recession
World production of fossil fuels--oil, coal, and
natural gas--increased 2.9 percent in 2008 to reach 27.4 million
tons of oil equivalent (Mtoe) per day, the highest ever
recorded. In the first half of 2008, producers strained to meet
global demand, but by year's end the global recession left the
market swamped by excess supply, causing oil prices to fall to
from $144 per barrel in July to $34 per barrel in December.
According to the latest Vital Signs Update on fossil fuel
Production :
- Continuing a decade-long trend, most of the growth in
fossil fuel production was in the Asia-Pacific region, where
production grew 6.3 percent.
- For six years running, coal has led the growth in fossil
fuel production. The growth in China's coal consumption
since 2000 dwarfs that of all other countries combined.
- Natural gas production has maintained a 27-28 percent
share of fossil energy production since 2000. High gas
prices have spurred exploration and development, especially
in the United States, which provided 19 percent of global
gas production in 2008.
This new fossil fuel production update includes the latest
figures on fossil fuel production globally and by region.
Read the Vital Signs analysis,
"Fossil Fuel Production Up Despite
Recession" by James Russell.
Complete trends will be available with full endnote
referencing, Excel spreadsheets, and presentation-ready charts
as part of our new subscription service,
Vital Signs Online, slated to
launch in November.
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