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San Donato Milanese (Milan), 27 November 2020 – Eni has released the 19th edition of the World Oil, Gas and Renewables Review, the annual statistics report 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. It observes the emerging decarbonisation trends with the goal of helping to identify the necessary actions to tackle the climate challenge.
In 2019, global oil demand recorded a lower growth rate compared to the last 10 years (+ 0.8% vs + 1.4%), global gas demand expanded driven by Asia-Pacific (+ 4.3%) and North America (+ 2.7%) and, in the renewables sector, solar continued to hold the lead in the growth of installed capacity, with an annual increase of 20%.
The Review is split in two volumes:
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.
In 2019 global gas demand has continued to grow for the 10th year in a row, driven by Asia Pacific (+4.3%) and North America (+2.7%). China confirmed itself as the first world importer.
Global gas production continued the positive trend with a +3.1% in 2019, despite the decline in Europe (-6.5%), mainly thanks to new LNG plants start-up in US and Australia. During 2019, US became the 2nd world gas exporter after Russia overtaking Qatar.
Big step forward for LNG that now accounts for 38% of total traded gas, gaining 4% share in one single year (34% in 2018).
Solar energy continued to dominate renewable capacity expansion with a yearly increase of 20%, doubling the 10.5% growth recorded by wind.
Asia confirmed its leadership in solar capacity expansion (about 60% of the total in 2019 and China maintained its leadership in solar and wind capacity.
The publication is available online on eni.com at the following pages: Volume 1 and Volume 2.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
If questions are formulated that violate the set security criteria, the system will not proceed with processing the response. Please remember not to send personal data.
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