The government pursued a policy of encouraging coal to gas, natural gas consumption increased by 15%.

Add Date:2018/8/16    Views: 885

It is understood that recently, the 2018 edition of the BP World Energy Statistical Yearbook published by the oil giant BP in Beijing (hereinafter referred to as the "Yearbook") said that in 2017, global energy demand increased by 2.2%, higher than its average of 1.7% in the past decade. . The reason for this higher than historical trend is the stronger economic growth in developed countries and the slowdown in energy intensity.
Among them, global oil demand increased by 1.8%, but the growth of oil production has been lower than the historical average for two consecutive years. Oil production from the Organization of Petroleum Exporting Countries and the other 10 countries that agreed to cut production declined, while other oil-producing countries ushered in production growth, especially from production driven by tight oil in the United States. Oil demand is greater than production for most of 2017, so OECD stocks have fallen back to more normal levels.


The yearbook also shows that 2017 is a year of strong natural gas growth, with consumption increasing by 3% and production increasing by 4% – the fastest growth since the end of the global financial crisis. The sharp increase in demand for natural gas in China is the most important factor driving the rise in global natural gas consumption. China’s natural gas consumption has increased by 15% due to the Chinese government’s policy of encouraging coal to gas.


In addition, natural gas consumption increased by 3%, or 96 billion cubic meters, the fastest growth since 2010. Consumption growth is driven by China (31 billion cubic meters), the Middle East (28 billion cubic meters) and Europe (26 billion cubic meters). Natural gas consumption in the United States fell by 1.2%, or 11 billion cubic meters.


Global natural gas production has increased by 4%, or 311 billion cubic meters, almost double the average growth rate of a decade. Russia is the most significant growth country, with production increasing by 46 billion cubic meters and Iran second (by 21 billion cubic meters).


Natural gas trade increased by 6.2%, or 63 billion cubic meters. The growth of liquefied natural gas (LNG) trade has outpaced pipeline natural gas. The increase in natural gas imports is mainly driven by Australia (an increase of 17 billion cubic meters) and the United States (by 13 billion cubic meters) of LNG, as well as Russia (increase of 15 billion cubic meters) of pipeline natural gas.


At the same time that natural gas consumption growth has reached an eight-year high, the lack of natural gas supply has led to rising gas prices.


Recently, Beijing, Hubei, Hebei and other places have raised the price of natural gas for residents.


“In the next few years, we may see a reduction in new natural gas projects.” BP Group economist Dai Sipan said in an interview with the Securities Daily and other sources that the supply of natural gas will be tight after 2020. As a result, the price of natural gas will be higher than the normal price. In the long run, in the field of natural gas, supply companies will increase and the market will become more competitive.


At the same time, the yearbook also said that coal consumption in 2017 increased by 1%, or 25 million tons of oil equivalent, the first increase since 2013.


Among them, the main source of consumption growth is India (18 million tons of oil equivalent), while China's consumption has rebounded after the continuous decline from 2014 to 2016 (4 million tons of oil equivalent). Demand in OECD countries fell for the fourth consecutive year (reducing 4 million tons of oil equivalent).


The share of coal in primary energy fell to 27.6%, the lowest since 2004. World coal production increased by 3.2%, or 105 million tons of oil equivalent, the fastest growth since 2011. Coal production in China and the United States increased by 56 million tons of oil equivalent and 23 million tons of oil equivalent, respectively.


The yearbook also pointed out, "Contrary to our intuition, China's coal production growth is the result of de-capacity in the coal industry. A moderate coal price signal is the key to effective capacity. The price is too high to close the inefficient coal mine or Mergers will also increase energy use costs. Too low prices may threaten the survival of China's largest energy industry (in primary energy). In 2017, China's coal spot prices were generally higher than the government's target price range, so a series of policies In order to increase coal supply to suppress prices, China's coal output increased by 3.5% year-on-year, the highest growth rate in six years."