BP Plc released its yearly Statistical Review of World Energy on Wednesday. Used for decades as an industry benchmark, this year's edition laid bare the seismic shifts taking place in global energy markets.

1. The Three Seismic Shifts
That Are Shaking Up the World
of Energy
By Will Kennedy and Rakteem Katakey, Bloomberg Business

2. There’s no denying the huge changes
that are underway

3. BP Plc released its yearly Statistical Review of World Energy on
Wednesday. Used for decades as an industry benchmark, this
year’s edition laid bare the seismic shifts taking place in global
energy markets.

4. THE RISE AND RISE OF U.S. OIL
PRODUCTION

5. The rise in U.S. crude output has simply been explosive. America
added 1.6 million barrels a day in 2014, taking production past
its previous peak in 1970. It also made the U.S. the world’s largest
crude producer, knocking Saudi Arabia off its perch.

6. While there are signs shale production will fall back slightly this year
because of the slump in oil prices it’s marginal compared with the
longer-term trend. Energy independence is getting closer: U.S.
energy production met almost 90 percent of consumption last
year, the most since the Reagan administration.

7. Source: BP

8. CHINA’S ENERGY
SLOWDOWN

9. China -- the motor of global energy
demand since the turn of the century --
is trying to change course.

10. A slowing economy and shift away from heavy industry meant
2014 saw energy consumption grow just 2.6 percent, less than half
its recent average and the smallest increase since the Asian crisis
of 1998.

11. The country’s energy intensity -- the amount of fuel it needs to
consume to generate each dollar of GDP -- is getting closer to U.S.
and European levels.

12. If, and BP says it’s quite a big if, China keeps a lid on new steel mills
and cement factories, it’ll have a big impact on global demand in the
years ahead.

13. Source: BP

14. THE GLOBAL
SOLAR BOOM

15. Renewable energy is now a
force to be reckoned with.

16. Last year non-fossil fuels, including nuclear, accounted for more of
the increase in global energy consumption than oil, gas and coal
combined. Particularly notable are record installations of solar panels.

17. The combination of slower energy demand growth and more
renewable power meant global emissions expanded just 0.5
percent in 2014, the slowest pace since the financial crisis.
increasing just 0.5 percent.

18. Source: BP