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World oil supply is becoming more diverse and world oil production capacity comfortably exceeds world oil demand.
As a result, producers were able to meet the needs of oil consumers during the Iraq war and during unplanned supply disruptions in Venezuela and Nigeria. "This is good news for those concerned about energy security, but it should not lead to complacency," warned BP chief economist Peter Davies at the launch of the BP Statistical Review of World Energy 2003.
The BP statistics show that OPEC cut its average daily output by 1.87 million barrels a day in 2002 in response to weak global oil demand while there was a 1.45 million barrela-day increase in non-OPEC production.
Global natural gas production rose 1.4% to 2527 billion cubic metres in 2002. North America was the only region to see a production decline, falling 1.8% to 766 billion cubic metres.
Coal was the fastest growing fuel in 2002 with coal consumption increasing 6.9% reflecting a 27.9% extraordinary increase in China. Excluding China, world consumption increased just 0.6%.
Consumption of nuclear power increased 1.5%, with most of the increase coming in Asia. World consumption of hydroelectric power increased 1.3% from 2001 but was still less than in 2000.
Commercial (non-hydro) renewable energies are growing rapidly, but their contribution to total world electricity generation remains small.
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