Decline of oil product consumption in Latin America continues for fourth consecutive year.
Increasing demand for oil products pushed consumption upwards in 2018, spurred by petrochemicals, especially in the US and increasing fuel consumption in the transport sector.
Asia accounted for the largest increase in demand, led by China and India (up by 6% and 2.7% respectively), and to a lesser extent by Thailand and Indonesia (decline in Japan). Oil product consumption also grew by 2.5% in the United States (the largest consumer worldwide) mainly driven by industry demand.
Oil product consumption barely increased in Russia (+0.5%) and slightly decreased in the European Union (-0.6%) as industry and transport demand remains flat. Latin America’s oil product consumption, which has been declining since 2014, experienced its biggest drop in 2018 (-3.3%). This was due to declines in Mexico, on decreasing oil production and higher prices, and in Venezuela caused by imposed international sanctions.
According to the US Energy Information Administration (EIA), US LNG exports have been rising steadily since 2017, to 4.7 bcf/d (133 mcm/d) in May 2019. The recent LNG exports level makes the United States the third-largest LNG exporter in the first five months of the year with an average of 4.2 bcf/d (119 mcm/d), over the January-May 2019 period. The United States expects to remain the third-largest LNG exporter in the world in 2019-2020, behind Australia and Qatar.
According to the Renewable Energy and Energy Efficiency Organization of Iran (also known as SATBA), Iran's installed renewable power capacity reached 760 MW in July 2019. Most of this renewable capacity consists of solar PV (330 MW) and wind (300 MW). Currently, there are 115 renewable power plants operational in the country and another 32 facilities under construction, which will add 380 MW. According to the Energy Ministry of Iran, renewables have attracted more than IRR124,000bn (US$2.9bn) of investment in recent years and now cover nearly 1% of the power mix, allowing Iran to reduce its gas consumption by 1 bcm/year so far.
According to the US Energy Information Administration (EIA), operators of coal-fired power plants announced the retirement of 546 coal-fired power units totalling 102 GW of capacity between 2010 and the first quarter of 2019. The majority of retirements came in 2015, with 15 GW (mostly 130 MW units with 56 years of operation), followed by 2018 with 13 GW (mostly 350 MW units with 46 years of operation). Another 17 GW of coal-fired capacity will be retired in the United States by the end of 2025, including 7 GW by the end of 2019.
According to the Ministry of New and Renewable Energy (MNRE) of India, renewable power capacity in India has exceeded the 80 GW mark, with 80,460 MW of renewable capacity operational as of 30 June 2019, including 29,550 MW of solar capacity and 36,370 MW of wind power capacity. In addition, power purchase agreements (PPAs) have already been signed for an additional 9.2 GW of solar power projects.