BP's Statistical Review of World Energy said global energy consumption "slowed sharply" to an increase of just 0.9% in 2014.
BP said slow growth for energy demand was largely due to China's economy moving away from "energy-intensive sectors".
Separately, it said increased US shale supply was a "continuing revolution".
The BP review also said the mixture of fuels which the world was using was changing.
BP's chief executive Bob Dudley said 2014 was characterised by "volatility and uncertainty" and "may well come to be viewed as symptomatic of a broader shifting in some of the tectonic plates that make up the energy landscape".
The growth in Chinese coal consumption slowed to "unusually weak" levels, due to the slowing pace of industrialisation in the country.
Globally, production increased for all fuels except coal.
Meanwhile, worldwide demand for all other fuels increased the report said.
'Fuel mix'
Global growth in natural gas was weak, due to a mild European winter - which led to a sharp fall in the continent's gas consumption.
But renewable energy continued to see the fastest growth in demand, now fulfilling 3% of the world's energy needs, the report said.
Overall, carbon emissions from energy use grew by 0.5%.
The report also said that supply for oil continued to outstrip demand - global oil consumption grew by 0.8%, while oil production grew by 2.3%, with the US continuing to be the world's biggest oil producer.
BP said: "The big picture remains one of abundant reserves, with new sources of energy being discovered more quickly than they are consumed.
"Total proved reserves of oil and gas in 2014 were more than double their level in 1980."

The authors, including a team from Edinburgh University, say children born to overweight mothers are at greater risk of health problems in later life.
They say every pregnant woman should have access to dieticians and psychologists to help protect the health of their future children.
During the three-year project several pieces of research were consulted.
In one of the most extensive studies to question whether the health of mothers-to-be can have long-term consequences on their offspring, scientists pulled together several pieces of research across Europe.
One key study, involving 13,000 individuals, revealed that babies born to overweight mothers are more likely to suffer heart disease or strokes or develop type 2 diabetes in later life.
Another analysis from Edinburgh University found that obese women eat a diet richer in saturated fats and poorer in vitamins and minerals during their pregnancy compared to slim women.
In early work, including animal studies, scientists found the placenta of females who ate a high fat diet offered less protection to the foetus from the stress hormone, cortisol.
Offspring were more likely to be small and to suffer mood disorders in later life.
Overall project leader Dr Patricia Iozzo, from the National Research Council, Pisa, Italy, said: "Attention needs to be devoted to the prevention of obesity and becoming overweight among young girls, representing tomorrow's mothers."
Dr Iozzo says the period at the end of pregnancy is particularly important. Her work suggests babies' metabolic health - including the fats and sugars in their blood - may be worse if mothers put on unhealthy amounts of weight at this time.
"I feel the message is a positive one. Mothers can do a lot during pregnancy to look after the future health of their children.
"They must under no circumstances stop eating though. They should ensure they have a balanced diet and make sure they are physically active.
"And I think every mother should have access to a team of health workers during pregnancy - including not just midwives and obstetricians but psychologists and dietitians too."
Louise Silverton, director for midwifery at the Royal College of Midwives, said:"Women should try to be an ideal weight before they become pregnant and, if not, should follow midwifery advice to manage their weight while eating a good diet rich in micronutrients.
"After birth, women need support to develop healthy patterns of eating and exercise.
"For women who are overweight or obese they need support to access weight-loss services to ensure that they are an ideal weight before they embark on their next pregnancy.
The ongoing Dorian project is funded by the European Commission.
The growth in global demand for energy slowed to levels not seen since the late 1990s, a new report suggests.
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A major European obesity investigation has called for urgent action to prevent obesity in women of child-bearing age.