The price of crude oil reaches new high as BP reviews 2008 world energy.

Global oil consumption fell in 2008 by 0.6% or 420,000 barrels a day, the first decline since 1993, and the largest drop in 27 years, according to the 2009 BP Statistical Review of World Energy.

However, despite overall lower demand, average oil production rose 0.4%, or 380,000 barrels a day, driven largely by OPEC (Organisation of the Petroleum Exporting Countries) production increases.

Other pertinent results from the Review showed that for the sixth consecutive year, coal remained the fastest growing fuel globally, while China accounted for 85% of the 3.1% growth, an increase of 6.8%.

Globally, gas consumption and production grew by 2.5% and 3.8% respectively. Once again China had the largest incremental growth where consumption rose by 15.8%. In the UK, gas consumption grew by 3%, with gas now supplying 39.9% of the UK’s total primary energy – well above the global average of 24%.

Renewable energy again grew strongly with wind and solar energy increasing above their 10-year average.

Tony Hayward, Chief Executive of BP commented on the review: “The centre of gravity of the global energy markets has tilted sharply and irreversibly towards the emerging nations of the world – especially China.”

Mr Hayward said that although this tilt towards central Asia may bring volatility in the short term, he is confident that the “diversity and flexibility of modern energy markets will continue to ensure that energy supplies continue to reach consumers efficiently and without interruption.”

OPEC has also revealed today that the price of crude oil has reached a new high for 2009. US light crude oil rose by 1.5% or $1.08, to $71.09, and London Brent crude rose 1.3%, to $70.53 a barrel.