Global oil reserves can only be used in 54 years, China becomes the second largest consumer in the world

Recently, Dr. Christopher Ruhr, the global chief economist of the oil giant BP, released the 2012 BP World Energy Statistical Yearbook (hereinafter referred to as the "Yearbook") in Beijing, using data to outline the 2011 Energy background: In 2011, oil prices increased sharply, and Brent crude oil prices rose by 40% annually; global oil reserves could be used for 54 years, and last year all global net energy growth came from emerging economies. Fossil fuels continue to dominate global energy consumption with a market share of 87%. Although renewable energy is growing rapidly, it still accounts for only 2% of global consumption. Last year, global oil production also increased by 1.3%, or 1.1 million barrels per day, of which Saudi Arabia, UAE and Qatar oil production reached new highs. Saudi Arabia's oil production last year reached 11.611 million barrels per day, still topping the list of countries with the highest global oil production. Consumption of 88 million barrels of oil per day According to the Yearbook, by the end of 2011, global oil reserves were about 1.653 trillion barrels, and global oil reserves could be used for 54 years. Last year, BP reported that world oil reserves at the end of 2010 were 1.526 trillion barrels. According to the current very very conservative consumption rate of 0.8 billion barrels per day in the world, the current world oil reserves can be used for 54 years worldwide. It is worth noting that in the distribution of global oil reserves, in 2011, Venezuela surpassed Saudi Arabia to become the world's largest proven oil reserves, reaching 216.5 billion barrels, accounting for 18% of the world; Saudi Arabia followed closely with 2645. The proven reserves of 100 million barrels ranked second in the world, accounting for 16%; Canada ranked third, with proven oil reserves of 175.2 billion barrels, accounting for 11%. The development of renewable energy is mixed. Last year, the development of renewable energy was mixed. Global biofuel production has stagnated by only 0.7%, or 10,000 barrels of oil equivalent per day, the lowest annual growth rate since 2000. As the proportion of ethanol fuel in gasoline has reached the “blending bottleneck”, the growth rate of renewable energy in the United States has slowed down (the growth rate is 10.9%, which is 55,000 barrels of oil equivalent per day). Due to the poor harvest of sugar cane, Brazil's biofuel production has seen the largest decline in our statistics (down 15.3%, or 50,000 barrels of oil equivalent per day). In sharp contrast, renewable energy generation increased by 17.7%, exceeding the historical average, while wind power growth led the way (up 25.8%) and accounted for more than half of renewable energy generation for the first time.

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