China overtakes U.S. as top energy consumer: BP ( BP. BP ) (by Simon Kennedy)

LONDON (MarketWatch) -- China overtook the U.S. to become the world's largest energy consumer in 2010 as global consumption rose at its fastest rate since the 1973 oil price shock, according to an annual review by oil giant BP PLC (uk:bp) (bp) . CEO Bob Dudley said that both structural and cyclical factors were behind the growth. "The cyclical factor is reflected in the fact that industrial production rebounded very sharply as the world recovered from the global downturn. Structurally, the increase reflects the continuing rapid economic growth in the developing world," Dudley said. China's overall energy consumption was up over 11% from 2009 and its oil consumption rose by 860,000 barrels a day, or more than 10%. The report said the global increase in fossil fuel consumption suggests that carbon dioxide emissions from energy rose at their fastest rate since 1969.