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BP: US Beats China's Oil Demand Growth in 2013

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Oil demand in the US grew at the fastest pace in the world in 2013, outstripping China for the first time since 1999 as the world's top economy reaped the benefit of the shale boom, BP says.

Reuters

LONDON/MOSCOW, June 16 (Reuters) - Oil demand in the United States grew at the fastest pace in the world in 2013, outstripping China for the first time since 1999 as the globe's top economy reaped the benefits of a shale boom, oil company BP said on Monday.

In its annual review of energy statistics unveiled in Moscow, BP also raised its global oil reserves estimate by 1.1 percent after revising U.S. reserves upwards by more than a quarter.

Global natural gas reserves were cut for a second year as lower provisions for Russia and Qatar offset a significant uptick in U.S. estimates.

BP also said the United States recorded its largest-ever annual rise in oil production for a second year in a row with a 13.5 percent increase to above 10 million barrels per day (bpd).

The annual review, first published in 1951 and considered an industry benchmark, showed U.S. oil consumption in 2013 grew by 400,000 bpd to 18.9 million bpd, the sharpest gain in the world, followed by China's rise of 390,000 bpd to 10.8 million bpd.

The consumption growth was led by an expansion of the U.S. industrial sector as the world's top economy emerged from the 2008 financial crisis, BP Chief Economist Christof Ruhl said.


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