Global energy consumption will exceed pre-corona levels in 2021

41936 global energy consumption will exceed pre corona levels in 2021

Global energy consumption increased by 5.8% over the past year (2021), to exceed pre-corona epidemic levels, with the recovery of economic activity.

The annual statistical review issued by the British oil company BP, which was seen by the Energy Research Unit, showed that global energy consumption exceeded 2019 levels by 1.3%.

At the same time, strong growth in renewable energy has reduced the use of fossil fuels, according to BP data.

Fossil fuels (oil, natural gas and coal) accounted for about 82% of primary energy uses during the past year (2021), compared to 83% in 2019 and compared to 85% 5 years ago.

Oil Demand

Global oil demand last year (2021), which amounted to 3.7 million barrels per day, was lower than 2019 levels, due to weak demand from the aviation sector.

According to the report, the demand for the aviation sector globally during the past year (2021) was 33% lower than pre-pandemic levels.

The rapid economic recovery caused an increase in global greenhouse gas emissions due to energy consumption by about 5.7%, to be close to 2019 levels.

Revenues from oil exports to OPEC countries jump 77% during 2021

Revenues from oil exports to OPEC countries jumped by about 77% during the past year (2021), on an annual basis, supported by the recovery of crude prices and demand from the Corona epidemic.

According to the annual statistical bulletin issued by OPEC, today, Tuesday (28 June), the value of oil exports to member countries of the organization amounted to 561 billion dollars during 2021, an increase of 77% from 2020.

After the global demand for oil witnessed a sharp decline during the year of the epidemic (2020), it returned to recovery last year with the end of the closures related to the Corona virus and the return of economic activity at the global level, which was reflected in oil exports to OPEC member countries.

Increase the number of active rigs

The number of active drilling rigs for OPEC member countries increased during the past year (2021), while the number of new completed wells decreased.

With the increase in oil production in OPEC countries in 2021, the number of active oil rigs increased by 11% to 489 rigs.

Saudi Arabia, the largest oil exporter in OPEC, added 6 rigs during 2021, bringing the total to 65 rigs.

Source: XglobalMarkets

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