Statistical review of world energy 2021
Global energy demand fell the most since World War-II during 2020 as the Covid-19 pandemic stalled global economic activity. According to the bp Statistical Review of World Energy 2021, world energy demand is estimated to have fallen by 4.5 per cent in 2020. This is steeper than the earlier projections for the year. “Even after controlling for the collapse in economic activity, the decline in energy demand was close to twice the size of the ‘predicted’ fall: 4.5 per cent compared with a predicted fall of around 2.5 per cent.” The crash is largely on account of lower oil demand that is estimated to have fallen by an unprecedented 9.3 per cent (9.1 million barrels a day) in 2020. “This is far bigger than anything seen in history and far bigger than the falls in the other demand components. Indeed, the fall in oil demand accounts for around three-quarters of the total decline in energy consumption. It’s also the key factor accounting for the near-record fall in the carbon intensity of the energy mix,” bp Statistical Review said.