BP presents annual Review of World Energy

The BP oil company presented its annual Statistical Review of World Energy 2008 on October 16 in Tbilisi. The 57th BP report was delivered by Dr. Christof Ruhl, BP Group Chief Economist and Vice President.

The issues of world energy security and climate change policy were discussed at the presentation, held in the auditorium of the Georgian National Museum. Dr. Ruhl focused on the issues of high energy prices and the main trends in the oil market. He said that the global economy has become more flexible, combining high economic growth with lower energy intensity.

Christof Ruhl stressed that in the developing world, energy consumption growth is a more important companion to economic growth than in OECD (Organization for Economic Co-operation and Development) economies. He mentioned that of the three major fuel markets, oil is the most subject to constraints which limit the ability of private investors to develop an adequate supply. However, Ruhl added, the other two markets are in transition due to spreading internationalization and global integration.