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Energy Institute takes over from bp, issues 72nd Statistical Review
Kristen Nelson Petroleum News
The Statistical Review of World Energy, published by bp since 1952, has moved to the Energy Institute, which introduced the 72nd edition of the review in a webcast June 26 which included representatives of KPMG and Kearney, which partnered with the Energy Institute on the work. Heriot-Watt University, which began collaborating with bp on data preparation for the review in 2007, continues its involvement with the review.
The review is available on the EI website at: https://www.energyinst.org/statistical-review.
Key themes In introducing the review on the webcast, EI CEO Nick Wayth highlighted five key themes from the 2022 data.
The post-COVID world is seeing a continued return in the demand for transport fuel, up 3%, but with major variations: China is an outlier as its demand for jet fuel remains significantly below pre-COVID levels.
The Ukraine conflict and resulting curtailment of Russian supplies to Europe resulted in record internal natural gas prices - up three times in Europe and double in Asia - with dramatic shifts in international oil and gas trade.
There was increased deployment of renewables in the power sector, with 2022 seeing the largest increase ever in newbuild wind and solar capacity, with a combined 12% of power generation share, a record, with renewables - excluding hydro - meeting 84% of 2022 net energy demand growth.
There was growth of some 1% in primary energy consumption in 2022, to nearly 3% above 2019 pre-COVID levels, with natural gas falling by 3% and renewables, excluding hydro, up 13%
"The dominance of fossil fuels was largely unchanged at almost 82% of total consumption" in 2022 EI said.
Energy-related emissions continued to grow.
"The EI Statistical Review shows how the world's energy markets struggled to respond to the crisis, how the trade and flow of energy contorted, and how vulnerable our economies are to supply and price shocks," Wayth said in a statement accompanying the release.
2022 key data Primary energy demand growth slowed in 2022, the EI said, up 1.1% compared to 5.5% in 2021, to some 3% above pre-COVID levels, with consumption increasing in all regions except Europe - down 3.8% - and CIS (former Soviet Union countries) - down 5.8%
Carbon dioxide emissions from flaring were down by 3.8%, along with emissions from methane and industrial processes, down 0.2%, but overall CO2 emissions from energy use rose to a new high, up 0.8% in 2022.
Brent averaged $101 per barrel in 2022, the highest since 2013, and oil consumption continued to rise, up by 2.9 million barrels per day to 97.3 million bpd, a smaller increase than that between 2020 and 2021, with consumption remaining below 2019 levels.
OECD consumption was up by 1.4 million bpd and non-OECD up by 1.5 million bd, with most of the growth from jet/kerosene (0.9 million bpd) and diesel/gasoil (0.7 million bpd).
Globally oil production increased by 3.8 million bpd in 2022, with OPEC+ accounting for more than 60% of the increase, and among countries, Saudi Arabia and the U.S. with the largest increases, up 1.2 million bpd and 1.1 million bpd respectively.
There were record prices for natural gas in Europe and Asia in 2022, while U.S. Henry Hub prices rose more than 50% to average $6.5 per million British thermal units, the highest annual level since 2008. Demand for natural gas increased by 3%, to just below the 4 trillion cubic meter mark set in 2021, with the natural gas share of primary energy decreasing slightly to 24% from 25% in 2021, while global gas production remained constant compared to 2021.
The supply of liquefied natural gas grew 5% in 2022, similar to 2021, with LNG supply increases mostly from North America and Asia Pacific.
Global LNG demand was triggered by Europe in 2022, with Asia Pacific and South and Central American countries reducing import.
Japan replaced China as the largest LNG importer, accounting for close to 50% of demand growth in 2022. Global LNG demand came 65% from Asia Pacific, but demand from that region was down 6.5% from 2021 while demand in Europe increased by 57%.
Net global natural gas pipeline trade fell some 15% in 2022, with European pipeline imports down 35%, almost entirely supplies from Russia, with overall Russian pipeline exports down 38%, while pipeline exports from the Middle East were up 12%.
Coal prices reached record levels in 2022 and coal consumption continued to increase, up 0.6% from 2021 to the highest level since 2014, largely driven by demand growth in China and India, with coal consumption declining in both North America and Europe. Coal production was up more than 7% over 2021, with China, India and Indonesia accounting for more than 95% of the increase.
Renewable power, excluding hydro, rose 14% last year, slightly below a 16% growth rate in 2021, with solar and wind capacity both continuing to grow. China accounted for the largest portion of wind and solar growth, 41% and 37% respectively. Hydroelectricity generation increased by 1.1%, while nuclear fell by 4.4%.
-KRISTEN NELSON
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