2012 saw US oil and gas production grow more than anywhere else in the world whilst global oil production grew at the fastest rate relative to oil consumption since 1998 . Last year also saw European oil consumption drop further towards levels last seen in 1970. Elsewhere, for the first time, China now consumes over half of the world’s coal.
In 2012, global oil production increased by 2 mil barrels a day to 87 mb/d. The US is noteworthy in that it recorded the largest annual rise in oil production in 2012 at just over 1 mb/d. Tight oil was the key driver – unconventional hubs North Dakota and Texas contributed 80% of that number