Apec – Energy Overview, 2023

The APEC Energy Overview for 2023 provides data up to 2020, revealing the impact of COVID-19 on global economic output and energy supply within APEC member economies. Despite a 3.0% global economic decline in 2020, APEC fared slightly better with a 1.7% decrease in economic output. However, energy supply dropped by over 8,000 PJ, mainly due to a decline in oil production. APEC continues to be a net energy importer, with a decrease in energy reliance on the Middle East offset by increased energy production and exports from countries like Australia, Canada, and the US. In 2020, renewables were the only energy supply category to see an increase, while fossil fuels remained dominant. Final energy consumption fell by 3.0%, with the transport and services sectors experiencing the largest declines. China was the exception, with a 1.9% increase in energy demand in 2020 due to a brief shutdown period and a less affected industry sector.