Earlier this month BP released its Statistical Review of World Energy 2022. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Each year, I do a series of articles covering the Review’s findings. In the previous article, I discussed the trends in global carbon dioxide emissions. Today, I want to cover the production and consumption of petroleum.
Oil Demand Bounces Back
For 2020, the Review reported the largest decline in oil1 consumption on record. After nine consecutive years of increase, the Covid-19 pandemic caused global consumption of crude oil to decline by more than 9% in 2020. Last year oil consumption bounced back by climbing 6% — the fastest rise since 1976. However, consumption remains 3.7% below the record level of 2019.
The United States remains the world’s top oil consumer, averaging 18.7 million BPD in 2021. This marked an increase … Read more