Eni's latest World Energy Review highlights continued growth in global energy demand, with oil and gas maintaining a dominant share despite strong renewable expansion.
Global energy demand rose 2% in 2024, with fossil fuels maintaining their central role despite record renewable growth, according to Eni ’s 24th World Energy Review . Eni ’s annual statistical analysis reveals that global energy consumption continued its steady rise in 2024 amid moderate economic growth and geopolitical tensions.
Oil demand reached 102.8 million barrels per day, up 0.8 Mb/d from 2023, largely driven by China, India, Latin America, and the Middle East. Brent crude averaged $80.8 per barrel for the year—down 2%—as market expectations of higher OPEC supply and global economic concerns weighed on prices. In natural gas markets, international hub prices fell 14% year-over-year due to mild weather and high inventories early in 2024, before rebounding in the second half on renewed Asian demand. Global gas demand grew 3%, led by China, while Europe’s consumption was largely flat. LNG trade capacity expanded again, with liquefaction rising 1.4% and regasification 4%, driven by projects in Indonesia, China, and Europe. Renewables continued their record-breaking expansion, reaching nearly 3,000 GW of installed solar and wind capacity globally—accounting for 15% of total electricity generation. Traditional sources still produced roughly 60% of global power. Biofuel production rose 7%, led by the United States and Indonesia, while the output of critical minerals essential for the energy transition climbed 5.5%, with cobalt surging 21%. Despite advances in clean energy, global CO emissions increased 0.8%, driven by rising output in emerging economies, while advanced economies registered further declines. The findings underscore the structural inertia of the global energy system, where fossil fuels remain dominant despite surging renewable installations and rising policy momentum for decarbonization. Eni’s World Energy Review—one of the sector’s key statistical publications—offers data and analysis on oil, gas, renewables, and critical minerals, along with economic and demographic indicators shaping demand trends. By Charles Kennedy for Oilprice.com
World Energy Review Oil Gas Renewables LNG Critical Minerals CO2 Emissions Global Demand Energy Mix
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