Global demand for liquid fuels in 2019 topped 100 MMbbl/d for the first time but the COVID-19 pandemic will likely reshape economic, political and social trends in unforeseen ways, BP Plc said June 17 in its annual Statistical Review of World Energy.
“It feels like the world is at a pivotal moment: it needs to address these short-term concerns but in a way that builds back better,” Bernard Looney, the energy giant’s CEO, wrote in the report’s introduction.
All fuels, except nuclear, grew at a slower rate than their 10-year averages, the report said. Total energy consumption grew at 1.3% in 2019, less than half the rate of 2018. Oil consumption was up 900,000 bbl/d, led by China with an increase of 680,000 bbl/d. Industrialized economies reduced their consumption by a total of 290,000 bbl/d.