Continuous decline in Japanese oil product consumption.
Global oil product consumption continued to grow in 2017, driven by an increasing demand from transport and petrochemical industry. Oil demand dynamics in transportation is in line with the development of the worldwide vehicle fleet that is increasingly oriented toward more consuming vehicles (SUVs). This trend, coupled with the economic growth, offset the efficiency gains posted since 2005 in the United States and Europe and oil demand slightly increased in these two markets in 2017. Petrochemical oil demand is mainly linked to global economic growth.
Asian countries, which accounted for most of the global increase, posted a steady growth in oil consumption, especially in China, India (above 5% in both countries), Indonesia, Thailand and South Korea.
Despite the recovery in Brazil, oil consumption decreased in Latin America for the third consecutive year, as demand contracted again in Mexico and in Argentina.
Oil product demand also declined in Russia and in Saudi Arabia in 2017.
Based on its 2017 data for G20 countries, Enerdata analyses the trends in the world energy markets.Download the publication
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According to the United States Energy Information Administration (EIA), US renewable power generation achieved a new record of 742 TWh in 2018, which is almost twice the amount of 382 TWh produced in 2008. In total, renewables provided 17.6% of the US power generation in 2018 and 90% of the increase over the 2008-2018 period came from wind and solar power plants, since conventional hydroelectric capacity remained relatively stable (+2% since 2008, reaching 292 TWh in 2018, i.e. 6.9% of the US power mix).
Iran has officially inaugurated four new phases of the South Pars offshore gas field, i.e. phases 13, 22, 23 and 24. A total of US$11bn were invested in the four mega projects, which will add 56 mcm/d of gas, 75,000 bbl/d of gas condensate and 400 t/d of sulfur and will enable to produce 1 Mt/year of ethane and 1 Mt/year of propane and butane.
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