Eni presents the first volume of World Oil, Gas and Renewables Review, annual statistical report now in its 19ᵗʰ edition
by
Eni Staff
27 November 2020
2 min read
by
Eni Staff
27 November 2020
2 min read
The World Oil, Gas and Renewables Review (now in its 19th edition) aims to be a useful tool for a deeper understanding of the fundamentals of the energy sector. It is split in two volumes. This volume,the World Oil Review, isdevoted to oil with a special focus on the evolution of crude oil quality and the refining industry. The second volume, the World Gas and Renewables Review, is dedicated to natural gas and renewables sources.
This year is also available the pocket version of the entire review in the download section.
COVID-19 pandemic represents the biggest shock to the global economy and energy industry in more than seven decades. Energy capital flows are being reshaped by the crisis but contributing to a "just transition" remains a strategic priority for Eni and the whole industry. In the long term, oil is meant to reduce its importance as an energy source but for many years it will continue to play a significant role in the world of energy. At the same time gas will be one of the main source of energy both in power, domestic use, industrial and transportation sector. The oil and gas industry has huge potential in terms of technical expertise, management and financial resources in order to reduce greenhouse gas emissions and ensuring an affordable availability of predictable energy.
Global oil demand continued to grow in 2019 but at lower pace compared to the last 10 years (+0.8% vs +1.4%).
In 2019 Brent average price (64 $/b) was roughly 7 $/b lower than in 2018. Rising geopolitical tensions and concerns about US-China trade had little impact on oil supply/demand balance and on Brent prices.
“Zero growth” of world oil production in 2019, as OPEC+ group cuts counterbalanced US growth. US production rose by 11%, further eroding OPEC’s market share.
Crude quality reported a strong discontinuity in 2019 with a great reduction of medium & sour crudes, which contributed to a lighter average produced barrel. The quality balance showed a reduced supply in the medium heavy crudes (OPEC’s cuts, Iran and Venezuela) and a further appreciation of the relative price differentials.
Asia Pacific leads the global refining capacity growth accounting for almost 90% of the 1.5 Mb/d increase versus 2018.
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