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The World Oil, Gas and Renewables turns into World Energy Review

Eni presents its annual statistical report now at its 20ᵗʰ edition

by Eni Staff
06 October 2021
2 min read
by Eni Staff
06 October 2021
2 min read

Reflecting and highlighting the ongoing energy transition process, the World Oil, Gas and Renewables, now at its 20th edition, turns into World Energy Review, a single document that, by tracking the main changes in the energy sector, aims to be a useful tool for their understanding.

The World Energy Review is split into three sections. The first one revolves around oil with a special focus on the evolution of crude oil quality and the refining industry. The second section offers an overview about the natural gas market and the third one is about the main renewable sources (solar and wind power).

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Due to COVID-19 pandemic, in 2020 the energy sector faced unprecedented challenges. It was the first year of energy reduction since 2009 and the largest contraction since the Second World War.

  • In 2020 world oil demand collapsed (nearly 9% vs 2019). Brent price fell to its lowest level in over 15 years (average 41.7 $/b) and sometimes hovered below 20 $/b. For the first time in history, US crude oil,  WTI, dropped even below zero for one day.
  • To face the reduction in demand, OPEC+ implemented record cuts in crude oil production. At the same time, the contraction in prices also led to a fall in non-OPEC production.
  • World oil production declined by 6.5% in 2020, affecting all categories of crude and substantially freezing the average quality.
  • In 2020 global gas demand decreased after 10 years of growth (-1.5% vs 2019), mainly driven by North America (-4.1%), Russia (-3.2%) and Europe (-2.6%). Meanwhile China showed a remarkable increase (+6.5%), among the top-10 gas consuming countries, and confirmed itself as the 1st world importer.
  • Global gas production interrupted the positive trend of the last 10 years with a contraction of 2.8% in 2020 vs 2019, largely due to Russian (-6%) and US (-2.5%) declines.
  • Despite the pandemic impact on gas demand, LNG kept on increasing its share on total traded natural gas reaching 40% (38% in 2019). In 2020, 484 bcm of LNG were traded, of which over 70% imported by Asian countries.  Over the last year, US increased its LNG exports by 59%.
  • In 2020 wind expansion almost doubled compared to 2019 (+111 GW vs +58 GW), bringing global wind capacity to 733 GW (+17.8% vs 2019). China led the expansion (65% of new additions), followed by the US (13%).
  • Solar energy continued to dominate renewable capacity expansion with 127 GW of new installations. Total solar capacity has now reached about the same level as wind capacity thanks largely to expansion in China (49 GW).
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