TAYO ELEGBEDE
Crude oil dominated the energy supply market for 45 years, accounting for 31.6% of the global total energy supply in 2018, a report by the International Energy Agency (IEA) has revealed.
The IEA, in its 23rd edition of key World Energy Statistics (KWES) report, said the world was still heavily reliant on oil and gas.
The IEA data covers an in-depth analysis of global energy production, supply and consumption between 1971 and 2018.
In 1973, it noted that the global share of total energy supply for crude oil was 46.2 per cent, while natural gas was 16.0 per cent, with coal recording 24.5 per cent.
Hydro, nuclear and biofuels and waste accounted for 1.8 per cent, 0.9 per cent and 10.5 per cent of global energy supply in 1973, respectively.
The report stated that global energy supply rose from 6.089 billion tons of oil equivalent to more than 14 billion tons of oil equivalent between 1973 and 2018, as the world’s population grew and became more affluent, driving energy demand up.
About 45 years down the line, the figures however indicate that crude oil still contributes a larger part of the world’s energy mix as at 2018.
Crude oil, according to the report, accounted for 31.6 per cent of global share of total energy supply, with natural gas accounting for 22.8 per cent.
Coal also attained 26.9 per cent of the energy mix in 2018 despite the strong campaign on reduction of emissions.
Nuclear energy went up to 4.99 per cent in 2018 from less than one per cent in 1973, while biofuels and waste dropped to 9.3 per cent in 2018.
A look at consumption indicates that crude oil accounted for 48.2 per cent of final energy consumption globally in 1973, declining to 40.8 per cent in 2018.
While global consumption for coal reduced from 13.6 per cent in 1973 to 10 per cent in 2018, natural gas hiked to 16.2 from 14 per cent in 1973.
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