Last updateThu, 29 Jul 2021 9pm

Global LNG Demand Highest Since Pandemic Began

Imports of liquified natural gas (LNG) “jumped 5.8% in March from a year earlier, the biggest increase since March 2020,” according to ship-tracking data compiled by Bloomberg. “Demand for the fuel used in heating and power generation had been steadily growing before COVID-19, as nations shift away from coal-fired power over climate concerns.” 

U.S. Energy Consumption Fell by a Record 7% in 2020

In 2020, total U.S. energy consumption fell to 93 quadrillion British thermal units, down 7% from 2019, according to EIA’s Monthly Energy Review. Last year marked the largest annual decrease in U.S. energy consumption in both percentage and absolute terms in the consumption data series that dates back to 1949. Much of the 2020 decrease in energy use is attributable to economic responses to the COVID-19 pandemic that began in the U.S. during the spring of 2020.

Before 2020, the largest recorded annual decrease in U.S. energy consumption occurred between 2008 and 2009, when consumption decreased by 5% during the economic recession. Other large annual decreases in U.S. energy consumption occurred during economic recessions in the early 1980s and in 2001. 

Report: Automation Could Save Oil & Gas Industry Billions

In a report that looked into the adoption of robotics across the petroleum industry, Rystad Energy found that existing solutions could replace hundreds of thousands of oil and gas jobs globally and reduce drilling labor costs by several billion dollars by 2030, if there is an industry push for such a transition.

Overall, Rystad Energy believes that at least 20% of the jobs in segments such as drilling, operational support, and maintenance could in theory get automated in the next 10 years. Looking at the current staffing headcount of some key oil and gas producing countries, the U.S. could reduce its staffing needs by over 140,000 employees. 

Oil & Gas Industry Endorses Carbon Pricing

The American Petroleum Institute (API) recently released a policy framework of industry and government actions to address the risks of climate change while meeting the world’s long-term energy needs. The API, which represents companies such as ExxonMobil and Chevron, has endorsed measures such as further mitigating emissions from operations; a carbon price policy; advancing cleaner fuels and driving climate reporting. 

API: Petroleum Demand Down 2.5% in February Year-Over-Year

Although winter emergency disruptions clouded the readings on oil supply, trade and inventories beginning in mid-February, the fundamental economic and oil demand recovery that the American Petroleum Institute (API) highlighted for January appeared to remain intact based on API's primary data on U.S. petroleum markets for February 2021. Total U.S. petroleum demand of 19.3 million barrels per day remained within 2.5% of its level from February 2020 despite ongoing effects of the COVID-19 pandemic. Leading economic indicators were mixed in February. 

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