Energy Market & Energy Statistics

Aenert news. Energy Market & Energy Statistics
The 72^nd edition of the Statistical Review of World Energy™, previously published by bp, is released this year under the auspices of the Energy Institute (EI), but as before provides timely and objective data on global energy markets. The analysed 2022 shows how energy systems are adapting to worsening environmental and geopolitical crises, continuing to recover from the COVID-19 pandemic and coping with pressures caused by Russia's attack on Ukraine. It is worth noting that despite efforts to break away from energy dependence on Russia, in 2022 about 33 % of all gas (pipeline and LNG), 23 % of oil and 30 % of coal imports to Europe came from Russia.

According to the data presented, primary energy demand growth increased by 1.1% in 2022, slowing from 5.5% growth in 2021, while primary energy use was 2.8% above 2019 levels. Although there has been a record growth in renewable energy sources, the consumption of fossil fuels as a percentage of primary energy has remained stable at 82%. Emissions from the energy sector continued to grow at a high rate reaching a record high of 39.3 billion tonnes of carbon dioxide equivalent, up 0.8% from 2021. Emissions from energy consumption accounted for 87% of total global emissions.
Here are the main highlights of the Review by energy source: 

Oil

- Oil prices rose by around 40%. The average price of Brent crude was around $101 per barrel by the end of the year, the highest level since 2013.

- Oil consumption increased by 2.9 million barrels per day (b/d) to 97.3 million barrels per day (b/d), a small increase in comparison to 2020-2021. Consumption remained 0.7% below 2019 levels.

- Global oil production increased by 3.8 million b/d in 2022, with Saudi Arabia (1,182,000 b/d) and the US (1,091,000 b/d) showing the largest increases. Nigeria recorded the largest decrease in production (184,000 b/d) and Libya's production fell by 181,000 b/d.

Natural gas

- World gas production has remained relatively unchanged compared to 2021, with prices reaching record levels in Europe and Asia, increasing almost threefold.

- The share of natural gas in primary energy in 2022 declined slightly to 24% (from 25% in 2021).

- LNG supply grew by 5% to 542 bcm in 2022, with the increase coming mainly from North America (10 bcm) and APAC (8 bcm). The rise in global LNG demand was driven by Europe (62 bcm), which increased its LNG imports by 57%. In 2022, Japan accounted for about 60% of the growth in global LNG demand, surpassing China as the world's largest LNG importer.



The primary energy consumption from fossil fuels is 82%. Aenert photos. Credit I.Ciorici

Coal

- Coal prices have also been no exception, reaching record levels in 2022 (145% higher in Europe and 45% higher in Japan compared to 2021).

- Coal consumption was the highest since 2014, with growth was mainly driven by China (1%) and India (4%). Europe declined coal consumption by 3.1% and North America by 6.8%.

- Global coal production is up more than 7% from 2021, with China, India and Indonesia accounting for more than 95% of this increase.

Renewables and Hydro

- The share of renewable energy (excluding hydropower) increased by 14% in 2022, while accounting for 7.5% of primary energy consumption, an increase of almost 1% over the previous year.

- Solar and wind power showed record growth of 266 GW in 2022, with solar power accounting for 72% of the capacity increase. China accounted for most of the increase in solar and wind power - 37% and 41% of the global increase in capacity, respectively.

- In 2022, hydropower generation increased by 1.1%, while nuclear generation decreased by 4.4%.



Wind farm Ignacio Molina (Casares), Malaga, Spain. Aenert photos

In 2022, global electricity production increased by 2.3%, with wind and solar power reaching an all-time high of 12%. Combined wind and solar power generation again surpassed nuclear power generation. Coal remained the dominant fuel for electricity generation in 2022 (35.4%), followed by gas (23%).

By the Editorial Board