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As on: Jan 24, 2019 02:13 PM
Market Speaks: Middle East, Africa And Asia Now Drive Nearly All Global Energy Consumption Growth
11-Jan-19   18:11 Hrs IST

Energy consumption in Asia, the Middle East, and Africa continues to grow rapidly, with about 20% growth in each region between 2010 and 2016, according to newly available data in Energy Information Administration's (EIA) International Energy Statistics database. In particular, energy consumption has been increasing in the Middle East and Africa, driven by economic growth, increased access to energy markets, and quickly growing populations. Energy consumption in Asia grew even as energy consumption in China declined between 2015 and 2016.

Although growth was rapid in Africa and the Middle East, Asia and Oceania consumed much more energy overall (42% of 2016 world energy consumption, compared with 6% in the Middle East and 3% in Africa). Slower long-term energy consumption trends continued in the mature economies of North America, where energy consumption grew by 1% between 2010 and 2016, and in Europe, where energy consumption actually fell 4% between those years.

Globally, petroleum and other liquid fuels (including biofuels such as ethanol and biodiesel) are the most prevalent form of energy consumed. Growing use of these fuels has been supported by increasing supplies of U.S. shale oil and other international sources of liquid fuels that have kept prices relatively competitive. Global coal consumption continued to decline as a result of competition from low cost natural gas as well as some countries' policies to limit or decrease coal use.

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