In the 20th edition of the Eni statistical review, the fluctuations in the energy market during the pandemic and the continuous growth of renewables are highlighted
Eni presents the 20th edition of its world energy statistics review.
To reflect and highlight the energy transition process underway, the World Oil, Gas and Renewables Review becomes World Energy Review, a single document which, by capturing the main changes in the energy world, aims to be a valuable tool for understanding them.
The World Energy Review is divided into three sections. The first section is dedicated to oil with a special focus on the evolution of crude oil quality and the refining industry. The second section offers a look at the natural gas markets and the third deals with the main renewable sources (solar and wind).
Key points of the World Energy Review
Due to the COVID-19 pandemic, the energy sector faced unprecedented challenges in 2020. It was the first year of energy reductions since 2009 and the year of the biggest contraction since World War II.
In 2020, world oil demand collapsed (almost - 9% vs 2019). The price of Brent has fallen to its lowest level in over 15 years, averaging $ 41,7 / b with peaks below $ 20 / b. For the first time in history, US crude oil, the WTI, fell below freezing for a day.
To address the reduction in demand, OPEC + implemented record cuts in oil production. At the same time, the collapse in prices also led to reductions in non-OPEC production.
World oil production decreased by 6,5% in 2020, affecting all categories of crude oil.
In 2020, for the first time after 10 years of growth, the demand for gas decreased (-1,5% vs 2019); this decline was mainly driven by North America (-4,1%), Russia (-3,2%) and Europe (-2,6%). Conversely, among the 10 largest consumers of gas worldwide, China recorded a significant increase (+ 6,5%) and confirmed its position as the leading global importer.
Global gas production has interrupted a growth trend that had lasted for 10 years with a contraction in 2020 of 2,8% compared to 2019, mainly due to the decline in production in Russia (-6%) and in the USA (-2,5, XNUMX%).
Despite the impact of the pandemic on gas demand, LNG continued to increase its share of the total gas traded, reaching 40% (38% in 2019). In 2020, 484 bcm of LNG were marketed, of which more than 70% was imported from Asian countries. Over the past year, the US has increased LNG exports by 59%.
In 2020, new wind installations almost doubled compared to 2019 (+111 GW vs +58 GW), reaching a global capacity of 733 GW (+ 17,8% vs 2019). China led the growth (65% of the increase) followed by the US (13%).
Solar energy continued to dominate the expansion of renewables with 127 GW of new installed capacity. Total solar capacity has reached almost the same level as wind capacity, mainly thanks to record installations in China (49 GW).
The publication is available online on the site