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 Spanish power transmission system operator Red Eléctrica de España (REE), Spain added nearly 6.5 GW of new renewable power capacity in 2019 (6,456 MW), corresponding to a 13% increase in the renewable capacity. During 2019, 93 new solar PV power plants added 3,975 MW, while 86 new wind projects added 2,319 MW and 10 other renewable projects added 162 MW. Most of the new renewable capacity came from auctions held in 2017 (5,689 MW). This strong growth in the renewable capacity contributed to raise Spain's installed capacity by 5.6% at the end of 2019.
According to Eurostat, the share of renewable energy in the gross final energy consumption of the European Union (EU) rose from 17.5% in 2017 to 18% in 2018, progressing towards the target of 20% of renewable energy by 2020 and at least 32% by 2030.
According to the National Agency of Petroleum, Natural Gas and Biofuels (ANP), Brazil’s oil production increased by 7.8% in 2019 to reach 1.018 Gbl (2.789 mb/d), including 634 mbl in pre-salt areas. Total gas production also increased significantly during 2019 (+9.5%).
According to the China Electricity Council, total electricity consumption in China rose by 4.5% in 2019. The residential and services sectors have recorded the highest growths with 5.7% and 9.5%, respectively, contributing to over half of the consumption rise. Electricity consumption in the industrial sector increased by 3.1%, contributing to 48% of the consumption growth, and accounted for 68% of the total electricity consumption in China in 2019. Consumption from electricity-intensive branches (chemicals, non-metallic minerals, ferrous and non-ferrous) rose by 2% compared to 2018. Electricity consumption posted a significant increase in western regions (+6.2%), much higher that the one in eastern regions (+3.6%).