The British vitality large bp launched the 70th version of its Statitical Review of World Energy.
Bernard Looney, bp Chief Executive Officer mentioned:
“Global vitality demand is estimated to have fallen by four.5% in 2020. This is the biggest recession because the finish of World War II, pushed by an unprecedented collapse in oil demand, because the imposition of lockdowns around the globe decimated transport-related demand. The drop in oil consumption accounted for round three-quarters of the overall decline in vitality demand. Natural gasoline confirmed larger resilience, helped primarily by persevering with sturdy development in China. Despite the dysfunction of 2020, renewable vitality, led by wind and photo voltaic vitality, continued to develop prolifically. Remarkably, wind and photo voltaic capability elevated by a colossal 238 GW final yr – 50% bigger than any earlier enlargement. Likewise, the share of wind and photo voltaic technology within the international energy combine recorded its largest ever enhance. The relative immunity of renewable vitality to the occasions of final yr is encouraging.”
Energy developments
• Primary vitality consumption fell by four.5% in 2020 – the biggest decline since 1945.
• The drop in vitality consumption was pushed primarily by oil, which contributed virtually three-quarters of the online decline, though pure gasoline and coal additionally noticed vital declines.
• Wind, photo voltaic and hydroelectricity all grew regardless of the autumn in total vitality demand.
• By nation, the US, India and Russia contributed the biggest declines in vitality consumption. China posted the biggest enhance (2.1%).
Carbon emissions
• Carbon emissions from vitality use fell by 6.three%, to their lowest degree since 2011. As with major vitality, this was the biggest decline because the finish of World War II.
• The oil value (Dated Brent) averaged $41.84/bbl in 2020 – the bottom since 2004.
• Oil consumption fell by a report 9.1 million barrels per day (b/d), or 9.three%, to its lowest degree since 2011.
• Oil demand fell most within the US the EU and India. China was just about the one nation the place consumption elevated.
• Global oil manufacturing shrank by 6.6 million b/d, with OPEC accounting for two-thirds of the decline. Libya and Saudi Arabia noticed the biggest OPEC declines, whereas Russia and the US led non-OPEC reductions.
• Refinery utilization fell by a report proportion factors to 74.1%, the bottom degree since 1985.
Natural gasoline
• Natural gasoline costs declined to multi-year lows and the bottom since 1995, whereas Asian LNG costs registered their lowest degree on report.
• Natural gasoline consumption fell by 2.three%. Nevertheless, the share of gasoline in major vitality continued to rise, reaching a report excessive of 24.7%. Declines in gasoline demand have been led by Russia and the US, with China and Iran contributing the biggest will increase.
• LNG provide grew by zero.6%, nicely under the 10-year common charge of 6.eight% p.a. US LNG provide expanded by 29%
• Coal consumption fell by four.2%, led by declines within the US and India, with OECD coal consumption falling to its lowest degree in our knowledge collection again to 1965. China and Malaysia have been notable exceptions, rising their consumption. Global coal manufacturing was down 5.2%.
Renewables, hydro and nuclear
Renewable vitality rose by 9.7%, slower than the 10-year common (13.four% p.a.) however the increment in vitality phrases was just like will increase seen in 2017, 2018 and 2019. Solar electrical energy rose by a report 20%, nonetheless, wind supplied the biggest contribution to renewables development.
Solar capability expanded by 127 GW, whereas wind capability grew 111 GW – virtually double its earlier highest annual enhance.
China was the biggest particular person contributor to renewables development adopted by the US.
Hydroelectricity grew by, once more led by China, whereas nuclear vitality fell four.1%, pushed primarily by declines in France, the US and Japan.
Bernard Looney added: “In 30 years, the Statistical Review will have a good time its 100th anniversary reporting…

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