BP Statistical Review of World Energy, June 2010

The developments on the world energy markets in 2009 are reviewed. Global economic recession drove energy consumption lower in 2009 - the first decline since 1982. As with the economic contraction, the decline in energy consumption was concentrated in OECD countries and the territory of the Former Soviet Union (FSU). However, unlike in OECD, FSU energy consumption declined much less than GDP. Consumption of oil, natural gas, and nuclear power declined, while coal consumption was essentially flat; only hydroelectric output and other renewable forms of energy increased in 2009. For the year as a whole, prices for all forms of traded energy fell, with the sharpest declines seen for traded natural gas and coal in North America and Western Europe. Oil prices declined for the first time since 2001. During 2009, prices for oil and coal in competitive markets hit their low points early in the year, while spot natural gas prices in North America and Western Europe continued to decline well into 2009.