China surpassed Japan as the world’s largest LNG importer and accounted for close to 60% of global LNG demand growth in 2021.LNG supply from the US rose by 34 Bcm, accounting for most of the new incremental supplies and more than offsetting declines from mainly other Atlantic Basin exporters. LNG supply grew 5.6% (+26 Bcm) to 516 Bcm in 2021, its slowest rate of growth since 2015 (other than in 2020).Its share in primary energy in 2021 was unchanged from the previous year at 24%. Global natural gas demand grew 5.3% in 2021, recovering above pre-pandemic 2019 levels and crossing the 4 Tcm mark for the first time.US Henry Hub prices nearly doubled to average $3.84/mmBtu in 2021 - their highest annual level since 2014.

Natural gas prices rebounded strongly across all three major gas regions in 2021, rising fourfold to record annual levels in Europe (TTF averaging $16.02/mmBtu) and tripling in the Asian LNG spot market (JKM averaging $18.60/mmBtu).

As a result, refining capacity in the OECD in 2021 was at its lowest level since 1998.

Refinery capacity declined for the first time in over 30 years by almost 500,000 b/d last year, driven by a sharp reduction in the OECD (1.1 million b/d).

Among all countries, Libya (840,000 b/d), Iran (540,000 b/d) and Canada (300,000 b/d) saw the largest increases.

Global oil production increased by 1.4 million b/d in 2021, with OPEC+ accounting for more than three-quarters of the increase.

Regionally, most of the growth took place in the US (1.5 million b/d), China (1.3 million b/d) and the EU (570,000 b/d).

A majority of the consumption growth came from gasoline (1.8 million b/d) and diesel/gasoil (1.3 million b/d).

Oil consumption increased by 5.3 million barrels per day (b/d) in 2021 but remained 3.7 million b/d below 2019 levels.

Oil prices averaged $70.91/bbl in 2021, the second highest level since 2015.