World Energy Review

The World Energy Review publication, now at its 22nd edition.

by Eni Staff
04 July 2023
4 min read
by Eni Staff
04 July 2023
4 min read

The World Energy Review publication, now at its 22nd edition, has been split in two modules, the first released in July, the second in October with the goal to make information available more promptly and usable. In addition, like last year we also set up an interactive platform, which will help you navigate through specific selected items.

This first module includes data on:

  • Oil: reserves, production, consumption, prices and refining industry
  • Natural Gas: reserves, prices and estimate of production and consumption
  • Renewables: power capacity and estimate of global power generation
  • Critical minerals: reserves and production

The second module will provide an update of some contents published in the first release and will add data on:

  • Oil: quality and trade
  • Natural Gas: production, consumption and trade
  • Renewables: power generation 

World Energy Review 2023

A platform for reflecting and highlighting the ongoing energy transition process.

Interactive version
PDF 834.15 KB
PDF 8.08 MB
PDF 1.08 MB
PDF 1.63 MB
PDF 916.83 KB

Energy Global Trends

In 2022, crude oil prices recorded an increase of 43% y/y primarily due to the supply tensions caused by the war in Ukraine, in a context of growing demand (+2.3% y/y). This upward trend eased in the second half of the year, due to the resilience of flows from Russia and the deterioration of the economic situation. OECD reserves, recovering following the strategic reserves release plans, remain below the five-year average values.
Global production recorded growth of 4.8% y/y, driven primarily by the Gulf OPEC countries due to the effect of reversal of the cuts of 2020.

In 2022, growth in gas prices was significant across all markets (~+160% in Europe, +130% in Asia and +90% in the USA), with a strong increase after the beginning of hostilities in Ukraine and reaching historical maxima in late August (over €300/MWh in Europe). The cut to Russian supplies (-55%) to Europe via pipeline as a response to the sanctions imposed on Russia by the EU, the uncertainties linked to the conflict and some external factors (drought during the summer, reduced French nuclear generation) contributed to the extreme volatility and peaks in the price of natural gas.
Gas demand in 2022 fell by 1.5% primarily due to the mild weather in Q4 2022 and the high gas prices which reached historical peaks in Europe and Asia. The previous year had seen consumption record growth of ~4% with the post-pandemic recovery. The evolution of gas consumption saw different trends in the two parts of the world, on the one hand Europe, Russia and Asia with a drop in consumption of 130 billion cubic metres; on the other, the US and Middle East, with increases of 60 billion cubic metres. Europe was the driver for the decrease in consumption, responsible for 72% of the worldwide reduction, due to the Russia-Ukraine conflict.
Global gas production was largely stable (-0.3% y/y), after the growth of 2021, with reductions primarily in Russia (-12%) and Africa (-4%) balanced by increases in the USA (+4%) and China (+6%).

The share of solar and wind energy in the electricity generation mix grew, exceeding 10%.
In 2022, solar PV continued to drive the growth in renewable capacity with 191 GW of new installations, reaching 1047 GW  globally.
Wind energy saw growth of 75 GW in 2022, achieving a total installed generating capacity of 899 GW.

Finally, as regards the critical minerals represented in this Review, most recorded significant growth in production, also reflecting the increase in demand. Nickel and lithium, used amongst other things in battery production, recorded the biggest increase (over 20%).

Benefits of the new version of the World Energy Review 2023

  1. modular version to provide quicker information
  2. interactive version to facilitate content navigation
  3. insights into the issue of critical minerals, fundamental for the energy transition