Eni presents the 19th edition of the World Oil, Gas and Renewables Review, the world statistical review on oil, natural gas and renewable sources.
The World Oil, Gas and Renewables Review aims to be a useful tool for a deeper understanding of the fundamentals of the energy sector and highlights the growing decarbonisation trends, with the aim of helping to identify the actions necessary to address the climate challenge.
In 2019, global oil demand registers slower growth rates than in the last 10 years (+ 0,8% vs + 1,4%), global gas demand expands driven by Asia-Pacific (+4,3, 2,7%) and from North America (+ 20%) and, in the renewable energy sector, solar continues to maintain the leadership in the growth of installed capacity, with an annual increase of XNUMX%.
The publication includes two volumes:
- the World Oil Review, dedicated to oil reserves, production, consumption, trade and prices, with a particular focus on the quality of crude oils and the refining industry;
- the World Gas and Renewables Review, which highlights the main trends in the gas and renewables market (solar, wind and biofuels).
Key points of the World Oil Review
Global oil demand continued to grow in 2019 but at a slower rate than in the last 10 years (+ 0,8% vs + 1,4%).
In 2019, geopolitical tensions and concerns about trade between the United States and China had a limited impact on the supply / demand balance and on the Brent price ($ 64 / b) which was about $ 7 / b lower. than that recorded in 2018.
“Zero growth” in world oil production in 2019 due to OPEC + group cuts that offset the growth in US production, which increased by a further 11%, eroding OPEC's market share.
In 2019 the quality of crude oils recorded a strong discontinuity with a large reduction in “medium & sour” crude oils, which contributed to the lightening of the average barrel produced. The balance of crude oil quality showed a reduction in the supply of medium-heavy crude oils (the cuts by OPEC, Iran and Venezuela) and a further increase in the relative price differentials.
Asia Pacific drives global refining capacity growth, accounting for nearly 90% of the 1,5 Mb / d increase from 2018.
Key points of the World Gas and Renewables Review
In 2019, for the tenth consecutive year, global gas demand continued to grow driven by Asia-Pacific (+ 4,3%) and North America (+ 2,7%). China confirmed its position as the world's leading importer.
Global gas production grew further in 2019 (+ 3,1%), despite the decline in Europe (-6,5%), mainly due to the start-up of new LNG plants in the United States and Australia. During 2019, the United States, overtaking Qatar, became the world's second largest gas exporter after Russia.
LNG, after a big increase, now represents 38% of the total gas traded, gaining a further 4% in the last year (34% in 2018).
Solar energy continued to maintain the lead in the growth of installed capacity among renewable sources, with an annual increase of 20% (almost double compared to 10,5% of wind power).
In 2019, Asia confirmed its leadership in the growth of installed solar capacity (around 60% of the total) and China maintained its leadership in solar and wind capacity.
The publication is available on the eni.com website on the following pages: Volume 1 and Volume 2.