LONDON, June 14 (UPI) -- While renewable energy increased in the global energy mix, there's plenty of oil left to meet consumer demand, a BP official said from London.
BP unveiled its 61st annual review of world energy, noting earthquakes in Japan and war in the Middle East put major strains on the global energy market.
The Japanese earthquake in 2011 meant Tokyo took on more oil and natural gas as nuclear power generation declined. Conflict in Libya, meanwhile, cut one of Africa's top oil producers out of the market for a time.
"It was anything but a boring year," BP Chief Economist Christof Ruhl said in a statement. "And yet nothing in the aggregate data indicates anything out of the ordinary."
Trends in renewable energy development, meanwhile, show consumption of energy from non-fossil fuels increased substantially. Renewables represent 2 percent of the global energy mix, however, showing most of the world relies on fossil fuels for the bulk of its energy needs, said Ruhl.
BP Chief Executive Officer Bob Dudley said during the London presentation of the annual report that emerging economies were putting strains on oil supplies as demand increases.
Nevertheless, he said, fears of peak oil were overblown.
"At today's consumption rates, the world has proved reserves sufficient to meet current production for 54 years for oil and 64 years for gas," he said.
