The oil price (Dated Brent) averaged $54.19 per barrel, up from $43.73/barrel in 2016. This was the first annual increase since 2012.
Global oil consumption growth averaged 1.8%, or 1.7 million barrels per day (b/d), above its 10-year average of 1.2% for the third consecutive year. China (500,000 b/d) and the US (190,000 b/d) were the single largest contributors to growth.
Global oil production rose by 0.6 million b/d, below average for the second consecutive year.?
US (690,000 b/d) and Libya (440,000 b/d) posted the largest increases in output, while Saudi Arabia (-450,000 b/d) and Venezuela (-280,000 b/d) saw the largest declines.
Refinery throughput rose by an above-average 1.6 million b/d, while refining capacity growth was only 0.6 million b/d, below average for the third consecutive year.?
As a result, refinery utilisation climbed to its highest level in nine years.
Coal consumption increased by 25 million tonnes of oil equivalent (mtoe), or 1%, the first growth since 2013.
Consumption growth was driven largely by India (18 mtoe), with China consumption also up slightly (4 Mtoe) following three successive annual declines during 2014-2016. OECD demand fell for the fourth year in a row (-4 mtoe).
Coal’s share in primary energy fell to 27.6%, the lowest since 2004.
World coal production grew by 105 mtoe or 3.2%, the fastest rate of growth since 2011. Production rose by 56 mtoe in China and 23 mtoe in the US.
Renewable power grew by 17%, higher than the 10-year average and the largest increment on record (69 mtoe).
Wind provided more than half of renewables growth, while solar contributed more than a third despite accounting for just 21% of the total.
In China, renewable power generation rose by 25 mtoe – a country record, and the second largest contribution to global primary energy growth from any single fuel and country, behind natural gas in China.
Hydroelectric power rose by just 0.9%, compared with the 10-year average of 2.9%. China’s growth was the slowest since 2011, while European output declined by 10.5% (-16 mtoe).
Global nuclear generation grew by 1.1%. Growth in China (8 mtoe) and Japan (3 mtoe) was partially offset by declines in South Korea (-3 mtoe) and Taiwan (-2 mtoe).