Italian energy firm Eni has presented new research suggesting the world’s total energy demand continues to rise with OECD countries’ consumption increasing since the global economic crisis.
Eni released its thirteenth annual World Oil and Gas Review this week, revealing that the U.S. has consolidated its position as top consumer.
This is expected to have significant repercussions for the flow of crude, petroleum products and liquefied natural gas.
According to Eni’s research, the United States has become world leader in oil and gas production growth, increasing oil reserves by 9.8 percent; Norway followed the U.S., increasing its oil reserves by 8.6 percent.
Significantly, the U.S. also increased oil consumption – pushing China into second place.
U.S. production growth, at 12.2 percent, increased in comparison with 2012 rates. That, with the contribution of tight oil, makes the U.S. the world leader in production growth.
These U.S. production increases more than offset shortfalls seen in Iran (-9.8 percent) and Libya (-35 percent).
Globally, the world’s total energy demand saw an increase of 1.4 percent from last year.
Non-OPEC countries’ 2013 contribution prompted a slight growth in oil reserves.
According to Eni data, the Asia-Pacific and the Middle East regions saw the largest investments in new refining capacity to meet growing demand, confirming an ongoing trend.
Eni's review sees the U.S. becoming the top producer in the gas market again thanks to its shale resources. The U.S. also managed to post a 5 percent uptick in gas reserves vis-à-vis a steep decline in new wells in gas plays.
Gas reserves were on the rise globally thanks to new discoveries, such as in Mozambique, which will soon become a new LNG production hub.
Eni publishes annual oil and gas reviews examining the energy sector’s trajectory across the world.
Muhsin Baris Tiryakioglu