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Country insight – US

US oil consumption fell by almost 2.3 Mb/d in 2020, the most of any country, ‎accounting for a quarter of the decline in global oil demand. The mobility shock ‎reduced US CO2 emissions to levels not seen since the early 1980s and ‎accounted for 28% of the global emissions decline, the most of any country

Fast facts

1    The US remained the world’s largest oil and gas producer, accounting for almost ‎‎20% and almost 24% of the world’s output of those fuels, respectively‎

 

2    LNG exports increased 30% and accounted for almost 13% of global LNG trade

 

2    Renewables’ share (including hydro) in the power mix now rivals coal at almost ‎‎20%. Solar generation grew strongest at 24%, while wind grew by 14%‎

-7.7%

Decrease in US primary ‎energy consumption

16%

Share of global energy ‎consumption

-3.5%

Decrease in oil production

-1.9%

Decrease in natural gas ‎production

At a glance

  • Primary energy consumption ‎decreased by 7.7%. The largest ‎absolute drop was in oil (-4.6 EJ), ‎with the largest percentage drop in ‎coal (-19%).‎
  • Energy consumption per capita ‎decreased by 8%.‎
  • Renewables (including hydro) ‎accounted for 10% of primary ‎energy consumption.‎
  • Electricity generation fell by 3.1%, ‎with most of the reductions ‎coming from coal generation. ‎Renewables growth of 68 TWh ‎was more than twice as large as ‎the growth from natural gas. ‎
  • Gas’s share of the power mix rose ‎above 40% for the first time, while ‎coal’s share fell at the sharpest ‎rate ever to 20%.‎
  • Production of oil fell by almost 600 ‎kb/d (-3.5%). The reduction in ‎volume was the third largest of ‎any country, and the most of any ‎country outside the OPEC+ group.‎
  • Production of natural gas ‎decreased by 1.9% to 915 bcm as ‎the US remains the world’s largest ‎producer.‎
  • US net oil imports have fallen by ‎an average of 1.7 Mb/d over the ‎last three years to just 700 kb/d. In 2018 and 2019 supply increases ‎reduced US import dependency, ‎but the COVID-19 demand shock ‎was solely responsible for the drop ‎in 2020.‎
  • Net LNG exports reached 60 bcm ‎in 2020, almost 30% higher y/y. ‎US LNG exports now account for ‎‎13% of global LNG trade, up from ‎‎1% just five years ago.‎
  • Net CO2 emissions from energy ‎decreased by 11% to 4.4 billion ‎tonnes.‎
  • Of 17 total CCUS projects initiated ‎in 2020 around the world, 12 were ‎in the US, driven by the enhanced ‎‎45Q tax credit, California low ‎carbon fuel standard and other ‎state-level incentives.‎