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BP released its 70th annual edition of the bp Statistical Review of World Energy

Energy
9 July, 2021

BP released its 70th annual edition of the bp Statistical Review of World Energy on 8th July’21. Key highlights as per bp website are:

  • Primary energy consumption fell by 4.5% in 2020 – the largest annual decline since 1945, which was driven mainly by oil,
  • 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, with large increase in capacity for Wind and Solar.
  • By country, the US, India and Russia saw the largest declines in energy consumption. China saw the largest increase (2.1%). As a result, Carbon emissions from energy use fell by over 6% in 2020, the largest decline since 1945.

Spencer Dale, the famous bp economist is still there and calls 2020 as most challenging and surprising years in his life.

References:

https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-statistical-review-of-world-energy-2021-a-dramatic-impact-on-energy-markets.html

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