BP says all other global energy crises pale in comparison to the year of Covid. These stats show why

Published

4 years ago

July 12, 2021

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LONDON — Oil and gas giant BP on Thursday published its benchmark Statistical Review of World Energy, describing 2020 “as a year like no other” due to the impact of the coronavirus pandemic on global energy.

Over the past seven decades, BP said it had borne witness to some of the most dramatic episodes in the history of the global energy system, including the Suez Canal crisis in 1956, the oil embargo of 1973, the Iranian Revolution in 1979 and the Fukushima disaster in 2011.

“All moments of great turmoil in global energy,” Spencer Dale, chief economist at BP, said in the report. “But all pale in comparison to the events of last year.”

To date, more than 185 million Covid-19 cases have been reported worldwide, with over 4 million deaths, according to data compiled by Johns Hopkins University. The actual tally of Covid-19 infections and fatalities is believed to be far higher — and continues to rise.

The pandemic also led to massive economic loss, with global GDP estimated to have slipped by around 3.3% last year. That represents the largest peacetime recession since the Great Depression.

For global energy, the Covid pandemic has had a dramatic impact. Here are some of the highlights from the report:

Energy developments

BP said the coronavirus crisis last year resulted in primary energy and carbon emissions falling at their fastest rates since World War II. The relentless expansion of renewable energy, however, was found to be “relatively unscathed,” with solar power recording its fastest ever increase.

To be sure, the oil and gas company said world energy demand was estimated to have contracted by 4.5% and global carbon emissions from energy use by 6.3%.

“These falls are huge by historical standards — the largest falls in both energy demand and carbon emissions since World War II. Indeed, the fall of over 2 Gt of CO2 means that carbon emissions last year were back to levels last seen in 2011,” Dale said.

“It’s also striking that the carbon intensity of the energy mix — the average carbon emitted per unit of energy used — fell by 1.8%, also one of the largest ever falls in post-war history,” he added.

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For some, the decline of global carbon emissions briefly raised hopes of so-called “peak carbon,” although desires of limiting global warming — and meeting a crucial target of the landmark Paris accord — are rapidly deteriorating.

It comes even as politicians and business leaders publicly acknowledge the necessity of transitioning to a low-carbon society, with policymakers under intensifying pressure to deliver on promises made as part of the Paris Agreement ahead of this year’s COP26.

“There are worrying signs that last year’s COVID-induced dip in carbon emissions will be short lived as the world economy recovers and lockdowns are lifted,” Bernard Looney, CEO of BP, said in the report.

“The challenge is to achieve sustained, comparable year-on-year reductions in emissions without massive disruption to our livelihoods and our everyday lives,” he added.

Oil

The Covid crisis triggered a historic oil demand shock in 2020, with Big Oil enduring a brutal 12 months by virtually every measure. The pandemic coincided with falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts.

The torrent of bad news prompted the head of the International Energy Agency to suggest 2020 may come to represent the worst year in the history of oil markets.

BP said oil consumption fell by a record 9.1 million barrels per day, or 9.3%, last year, slipping to its lowest level since 2011.

A general view of Gunvor Petroleum or Rozenburg refinery in Rotterdam, Netherlands. Europe’s largest port covers 105 square kilometers (41 square miles) and stretches over a distance of 40 kilometers (25 miles).

Dean Mouhtaropoulos | Getty Images News | Getty Images

Oil demand fell most in the U.S., contracting by 2.3 million barrels, followed by the EU and India, contracting 1.5 million barrels and 480,000 barrels, respectively.

BP said global oil production shrank by 6.6 million barrels, with oil producer group OPEC accounting for two-thirds of that decline.

The price of international benchmark Brent crude averaged $41.84 in 2020, the energy giant said, its lowest level since 2004. The oil contract was last seen trading at $73.70.

Renewables

“Arguably, the single most important element of the energy system needed to address both aspects of the Paris Agreement — respond to the threat of climate change and support sustainable growth — is the need for rapid growth in renewable energy,” BP’s Dale said in the report.

Renewable energy, including biofuels and excluding hydro, rose by 9.7% in 2020, BP said. This was slower than the 10-year average of 13.4% year-on-year but the increment in energy terms was found to be similar to increases recorded in the years prior to the pandemic.

Solar electricity rose by record levels, however it was wind that was found to provide the largest contribution to renewables growth.

In terms of capacity, solar expanded by 127 gigawatts in 2020, while wind grew by 111 gigawatts — almost double its previous highest annual increase, BP said. “The main driver was China, which accounted for roughly half of the global increase in wind and solar capacity,” Dale said.

Reflecting on BP’s latest annual Statistical Review of World Energy, Dale said: “The importance of the past 70 years pales into insignificance as we consider the challenges facing the energy system over the next 10, 20, 30 years as the world strives to get to net zero.”

Environment

CNBC Daily Open: Investors bet the fragile ceasefire would hold

Published

2 hours ago

June 25, 2025

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CNBC Daily Open: Investors bet the fragile ceasefire would hold

US President Donald Trump speaks to reporters about the Israel-Iran conflict, aboard Air Force One on June 24, 2025, while traveling to attend the NATO’s Heads of State and Government summit in The Hague in the Netherlands.

Brendan Smialowski | Afp | Getty Images

The ceasefire between Israel and Iran appears to be holding. In yesterday’s newsletter, we talked about how a blitzkrieg of missile-led diplomacy seemed to help de-escalate tensions.

The flipside of that strange path to a truce is that missiles, well, are fundamentally weapons. Mere hours after both countries agreed to the ceasefire, Israel said its longtime rival had fired missiles into its borders — an accusation which Tehran denied — and was preparing to “respond forcefully.” Probably with more missiles.

U.S. President Donald Trump — who reportedly brokered the ceasefire with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani — expressed frustration with those developments.

“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool en route to the NATO summit in the Netherlands.

His admonishments seemed to work. There is now a fragile armistice between the two countries.

Oil prices fell and U.S. stocks jumped.

Reuters uploaded a photo of Israeli residents playing frisbee at the beach on June 24. Flights at Israel’s Ben Gurion Airport are resuming, and Iran’s airspace is partially open, according to flight monitoring firm FlightRadar24, CNBC reported at around 3 a.m. Singapore time.

Three hours after that update, NBC News, citing three people familiar with the matter, reported that an initial assessment from the U.S. Defense Intelligence Agency found the American strikes on Iran’s nuclear sites on Saturday left “core pieces … still intact.”

And so it goes.

What you need to know today

Israel-Iran ceasefire holds, for now
The fragile ceasefire between Israel and Iran, announced by Trump on Monday, appears to be holding. Israel on Tuesday said it would honor the ceasefire so long as Iran does the same. Earlier in the day, both countries accused each other of violating the truce, and said they were ready to retaliate, prompting Trump to say he’s “not happy” with them. Stay updated on the Israel-Iran conflict with CNBC’s live blog here.

Markets jump as traders bet on truce
U.S. stocks jumped Tuesday on expectations that the Israel-Iran ceasefire would hold. The S&P 500 gained 1.11% to put it just 0.9% away from its 52-week high. The Dow Jones Industrial Average added 1.19% and the Nasdaq Composite climbed 1.43%. The Nasdaq-100 rose 1.53% to close at an all-time high. Europe’s Stoxx 600 rose 1.11%. Travel stocks were some of the best performers, while oil and gas stocks fell the most.

Oil prices slump for a second day
Oil prices tumbled Tuesday, its second day of declines, as the market bet that the risk of a major supply disruption had faded. U.S. crude oil settled down 6% at $64.37 a barrel while the global benchmark Brent fell 6.1%, to $67.14 during U.S. trading. Prices closed 7% lower on Monday. Earlier Tuesday, Trump said China can keep buying oil from Iran, in what seemed like a sign that the U.S. may soften its pressure campaign against Tehran.

Powell says Fed is ‘well positioned to wait’
At a U.S. congressional hearing Tuesday, Federal Reserve Chair Jerome Powell said the economy was still strong. But he noted that inflation is still above the central bank’s target of 2%, and the Fed has an “obligation” to prevent tariffs from becoming “an ongoing inflation problem.” In combination, those considerationsmake the Fed “well positioned to wait” before making a decision on interest rates.

U.S. is committed to NATO: Secretary-General
There is “total commitment by the U.S. president and the U.S. senior leadership to NATO,” the military alliance’s Secretary-General Mark Rutte said Tuesday morning, as the summit kicked off in The Hague, Netherlands. But America expects Europe and Canada to spend as much as the U.S. does on defense. Ahead of the summit, members agreed to increase defense spending to 5% of gross domestic product by 2035.

[PRO] Not ‘bullish enough’ on rally: HSBC
The S&P 500′s rally off its April lows has brought it back to roughly 1% off its record high in a very short time. It’s an advance that has perplexed many investors, who worry that another pullback is on the horizon. But Max Kettner, chief multi-asset strategist at HSBC, said he worries he’s not “bullish enough” on the current rally.

And finally…

Pictures from the semi-official Tasnim news agency show the Stena Impero being seized and detained between July 19 and July 21, 2019 near strait of Hormuz, Iran.

Contributor | Getty Images News | Getty Images

Strait of Hormuz GPS jamming remains major security issue, tanker CEO says

Despite a tentative ceasefire between Israel and Iran on Tuesday, security issues in the Strait of Hormuz continue for shipowners.

According to Angeliki Frangou, a fourth-generation shipowner and chairman and CEO of Greece-based Navios Maritime Partners, which owns and operates dry cargo ships and tankers, vessels in the Strait of Hormuz are still being threatened by continuous GPS signal blocking.

“We have had about 20% less passage of vessels through the Strait of Hormuz, and vessels are waiting outside,” Frangou told CNBC.

“You are hearing a lot from the liner [ocean shipping] companies that they are transiting only during daytime because of the jamming of GPS signals of vessels. They don’t want to pass during the nighttime because they find it dangerous. So it’s a very fluid situation,” Frangou said.

Environment

5,000 electric Mercedes vans join Amazon’s delivery fleet

Published

5 hours ago

June 24, 2025

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5,000 electric Mercedes vans join Amazon’s delivery fleet

Mercedes vans Amazon — Photo: Mercedes Vans

Mercedes-Benz is sending nearly 5,000 electric vans to Amazon’s European delivery partners in its biggest EV handoff to date. The fleet will hit the streets in five countries in the coming months.

Three-quarters of the fleet are Mercedes’ larger eSprinter vans, while the rest are the more compact eVito panel vans. More than 2,500 are going to Germany, and Amazon says this new EV fleet will help deliver more than 200 million parcels a year across Europe.

This is the biggest EV order Mercedes-Benz Vans has ever received. It builds on a partnership that started in 2020, when Amazon first added more than 1,800 electric vans from Mercedes to its delivery network.

“We’re further intensifying our long-standing relationship with Amazon and working together toward an all-electric future of transport,” said Sagree Sardien, head of sales & marketing at Mercedes-Benz Vans. “Our eVito and eSprinter are perfectly tailored to meet the demands of our commercial customers regarding efficiency and range.”

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In 2020, Mercedes-Benz joined Amazon’s Climate Pledge, a commitment Amazon co-founded with Global Optimism to reach net zero by 2040.

Both the eSprinter and eVito are designed with delivery drivers in mind. With batteries tucked into the underbody, the vans offer unrestricted cargo space. Both come standard with the MBUX multimedia system, which supports the integration of automatic charging stops and Mercedes’ public charging network via navigation.

Safety and comfort got upgrades, too. New driver assistance features come standard, and the Amazon vans are customized with shelves and a sliding door between the cabin and cargo area for easy parcel access.

The eVito vans, which were built at Mercedes’ plant in Vitoria, Spain, are ideal for last-mile urban deliveries. They come in 60 kWh or 90 kWh battery options, with peak motor outputs of either 85 kW or 150 kW, and can travel up to 480 km (298 miles) on a full charge.

Meanwhile, the eSprinter is the all-rounder for range and loading volume. Built in Düsseldorf, it comes in two lengths and three battery sizes, with a range of up to 484 km (300 miles). It boasts up to 14 cubic meters of cargo space and can handle a gross weight of up to 4.25 tonnes.

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Environment

BYD is flooding Europe with new EVs faster than any other carmaker has

Published

6 hours ago

June 24, 2025

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BYD is flooding Europe with new EVs faster than any other carmaker has

It already outsold Tesla in the UK and Europe, but this could be just the start. BYD said it’s launching new vehicles, including EVs, faster than any carmaker in Europe has done so far.

BYD goes all in on Europe with new EVs, PHEVs

BYD took the spotlight earlier this month after launching its most affordable EV in Europe so far. The Dolphin Surf, a rebadged version of the Seagull EV sold in China, starts at just £18,650 (just over $25,000) in the UK.

At a UK launch event, Alfredo Altavilla, BYD’s special advisor for Europe, said (via Autocar) the “Dolphin Surf was the missing piece in the A/B-segment.”

It will compete with entry-level EVs, such as the Dacia Spring, the UK’s cheapest EV, which starts at £14,995 ($20,000).

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Yet, the low-cost Dolphin Surf is only one piece of BYD’s master plan. “We have been launching six cars in less than a year,” Altavilla explained, adding, “We are covering all of the most important segments of the European car market.”

Altavilla even boasted that, “I have zero problem in saying I don’t think there has ever been such a product offensive done in Europe as the one BYD is doing.”

Although BYD is best known for its low-cost EVs, like the Seagull, which starts under $10,000 in China, the auto giant is quickly expanding into new segments.

BYD sells luxury vehicles under the Denza Yangwang brands. Denza is BYD’s answer to Porsche and other German luxury brands. Meanwhile, Yangwang is an ultra-luxury brand that will serve as BYD’s tech beacon.

According to Altavilla, this could be just the start. “We’re going to get together again after the summer break for another important reveal, and through the end of the year, there will be others,” BYD’s special advisor for Europe said.

BYD is set to begin production at its new plant in Hungary by the end of the year, enabling the company to customize vehicles for buyers in the region.

“As we go forward into 2026, more and more of the BYD line-up will be specific to this region,” Altavilla explained.

In separate news, BYD announced on Monday that its “Xi’an” car carrier is loaded and ready to ship off to the UK, Italy, Spain, Belgium, and other countries, carrying about 7,000 EVs and PHEVs.

Electrek’s Take

In what was called a “watershed moment,” BYD registered more vehicles in Europe than Tesla for the first time in April.

It also had more vehicle registrations in the UK than Tesla last month, with the Seal U taking the top spot for the most popular plug-in hybrid.

With the Dolphin Surf arriving, local production set to come online later this year, and several new models on the way, BYD is laying the groundwork to capture its share of the European auto market.

According to S&P Global Mobility forecasts, BYD is expected to more than double its sales in Europe this year, with around 186,000 vehicles sold. By 2029, BYD’s sales could double again to around 400,000. Between its plants in Hungary and Turkey, China’s EV leader is expected to have a combined capacity of 500,000 units.

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