Gas battles on horizon amid slow energy shift

摘要

THE road to energy transition could see a fight for survival between US-led liquefied natural gas suppliers and Russian pipeline gas exporters, according to analysis contained in BP's latest Statistical Review of World Energy. The 2021 edition of the UK company's traditional report highlighted the almost unprecedented collapse in oil and gas demand that occurred when the Covid-19 pandemic struck last year, but also looked ahead to the dynamics emerging among suppliers of oil and gas in a world of diminishing demand. BP's report showed that a 4.5% drop in global demand was driven mostly by a 9.3% retreat in oil consumption. Over the year as a whole, global oil production was estimated to have fallen by 6.6 million barrels per day, dwarfing any downturn seen since the second world war.