Sharp rise in crude oil production in the US.
OPEC members in June 2018 agreed to increase oil production to prevent a supply shortage and reduce prices after previous production cuts were deemed excessive and raised prices too much. This stabilised global prices, before rising again on anticipation of US sanctions on Iranian oil exports.
Crude oil production in the United States saw a significant increase as exploration and extraction of oil from its plentiful shale reserves grew, causing the largest ever annual increase by a single country. This was due to new projects coming online, a persistent demand for oil and higher prices (US$14 per barrel higher than 2017). Oil production also continued to increase in Russia, the Middle East (except Iran) and in Africa.
On the other hand, Latin America experienced an overall decline. Political issues mounting in Venezuela and, paired with sanctions from the United States, saw oil production drop 29%, equivalent to one third of the rise in the US. Similarly, Iranian oil production tumbled, down 7%, after international sanctions were reinstated.
According to the Global Wind Energy Council (GWEC), a total of 60.4 GW of wind capacity was installed worldwide in 2019 (19% more than in 2018), raising the global wind capacity by 10% to more than 650 GW.
According to the Indian government, the installed carbon-free capacity in the country increased by 72% between late March 2014 and the end of February 2020, from 81 GW to 139 GW. Around 55% of new installations between 2014 and 2020 (58 GW) were solar power plants (32 GW), followed by wind (17 GW, 29%) and large hydro (5 GW, 8%). In addition, 2.8 GW of other renewable sources (biomass, small-hydropower and waste-to-energy) and 2 GW of nuclear were added. Total investment in the Indian carbon-free energy sector reached US$75bn over the 2014-2020 period, with foreign direct investments accounting for 8% of it (US$6bn).
According to the Global Wind Energy Council (GWEC), the global offshore wind power capacity increased by 6.1 GW to 29.5 GW in 2019. Offshore wind installations accelerated compared with 2018, when 4.5 GW were added, and accounted for 10% of the new wind power installations.
According to Statistics Netherlands (CBS), power generation in the Netherlands rose by 5.7% in 2019 to nearly 121 TWh (+6.5 TWh for net power generation). Most of the increase came from thermal power plants, especially from gas-fired power plants, whose power generation surged by 23% (+13 TWh at 71 TWh) in a context of low gas prices and high carbon prices; meanwhile, coal-fired power generation fell by 34% (-10 TWh at 17.4 TWh). According to CBS, renewable power generation rose by 18.5% (+3.5 TWh at 22.4 TWh) in 2019 (+8.5% for wind, including +14% for onshore wind, and +40% for solar), exceeding coal-fired power generation for the first time.