This annual report by BP reveals information about world energy markets.
Global energy consumption growth remained robust in 2007, driven by above-average economic growth and despite continued high prices. OECD countries are showing the most significant reaction to continued high energy prices. Divergent price movements, between fuels and regions, affected energy market developments in 2007. Crude oil prices rose for a sixth consecutive year – the longest unbroken period ofgrowth in our data set. Natural gas prices increased modestly except in Europe, where spot prices fell substantially. For a second consecutive year, steam coal prices fell in North America but increased elsewhere.