In the foreground, the 'Arab Spring' affected oil and gas supplies—most notably the complete, albeit temporary, loss of Libyan supply—while the tragic Fukushima accident in Japan had knock-on effects for nuclear and other energy sources around the world. These shocks pushed energy prices higher in much of the world, with oil prices reaching a record average of over $100 per barrel (bbl) for the first time in history.
The following methodological changes have been made to this year’s Review:
- Fuels used as inputs for conversion technologies (gas-to-liquids, coal-to-liquids, and coal-to-gas) are counted as production for the source fuel and the outputs are counted as consumption for the converted fuel.
- A new table has been added to the Review for consumption of commercial electricity produced from renewable sources. Electricity from renewable sources is converted to tonnes of oil equivalent following the same methodology used for nuclear and hydroelectricity, and is included in the primary energy consumption calculation. • A new table has been added for biofuels production. Biofuels consumption continues to be included in oil consumption data (see footnotes to oil consumption table).