BP Report Tries To Explain What Really Happened to Energy Markets in 2020
An excerpt from the Journal of Petroleum Technology
Everyone in the oil and gas industry knows 2020 was a historic year for the business. Just how historic was the focus of a new report from BP that offers a context for last year’s market turmoil and thoughts on what it means going forward.
“For energy, 2020 was a year like no other,” Spencer Dale, BP’s chief economist, said in the company’s annual energy review released on 8 July. All told, BP estimates that global energy demand fell by 4.5% in 2020, marking the largest drop since the end of World War II nearly 75 years ago.