bp released the 70^th annual edition of the bp Statistical Review of World Energy; the data collected in this year’s edition includes energy data for 2020. The Review captures the significant impact the global pandemic had on energy markets and how it may shape future global energy trends.

Both primary energy consumption and carbon emissions from energy use fell at their fastest rate seen since the Second World War, while renewable energy continued its trajectory of strong growth, with wind and solar power recording their largest ever annual increase.

Key highlights:

• Primary energy consumption fell by 4.5% in 2020—the largest annual decline since 1945. Carbon emissions from energy use fell by more than 6% in 2020, the largest decline since 1945.

• This fall was driven mainly by oil, which accounted for almost three quarters of the net decline.

• Natural gas prices declined to multi-year lows; however, the share of gas in primary energy continued to rise, reaching a record high of 24.7%.

• Wind, solar and hydroelectricity generation all grew despite the fall in overall energy demand. Wind and solar capacity increased by a colossal 238 GW in 2020 – 50% larger than at any time in history.

• By country, the US, India and Russia saw the largest declines in energy consumption. China saw the largest increase (2.1%), one of only a handful of countries where energy demand grew last year.

World oil production fell for the first time since 2009 by 6.6 million b/d in 2020 driven by both OPEC (-4.3 million b/d) and non-OPEC (-2.3 million b/d). Country wise, Russia (-1 million b/d), Libya (-920,000 b/d) and Saudi Arabia (-790,000 b/d). Production only increased in a few countries, mainly Norway (260,000 b/d) and Brazil (150,000 b/d). Oil consumption also dropped for the first time since 2009 by a massive 9.1 million b/d. The decline was in both the OECD (-5.8 million b/d) and the nonOECD (-3.3 million b/d). The US (-2.3 million b/d), the European Union (-1.5 million b/d) and India (-480,000 b/d) reported the largest declines. China was one of the few countries where demand increased in 2020 (220,000 b/d). Source: bp.

The oil price (Dated Brent) averaged $41.84/bbl in 2020—the lowest since 2004. Global oil demand fell 9.3%, with the largest falls seen in the US (-2.3 million b/d), the EU (-1.5 million b/d) and India (-480,000 b/d). China was virtually the only country where consumption increased (220,000 b/d).

Refinery utilization fell by a record 8.3 percentage points to 73.9%, the lowest level since 1985.