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 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%).