| Report | BP Statistical Review | 11 June 2010 |
Crisis structurally changes energy business
by Alex Forbes
Statistics and analysis presented this week by BP – at the launch of its annual Statistical Review of World Energy – suggest that the worst global recession since the second world war has not just temporarily hit demand but also caused – or accelerated – structural changes in the industry: a shift in demand from OECD to non-OECD countries, a disconnect between oil and gas prices, strengthened control of OPEC over oil prices, an increased integration of global gas markets, increased fuel switching in the electricity sector from coal to gas and the rise of renewables. These trends are likely to persist long after economic and energy demand growth have bounced back.
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