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Now at its 23rd edition, the World Energy Review (WER) is the statistical review on energy, edited and presented by Eni. A reference for the energy industry, the publication has accompanied its evolution from conventional sources to renewables.
Also this year it stretches out into two modules: the first in July – in which the focus on trends in oil, gas, new renewables and critical minerals is confirmed, the latter including the introduction of graphite and manganese – and the second in October – which will include new information regarding, among other things, CO2 emissions, population, GDP, coal, as well as a focus on electric generation.
Like last year, in addition to the pdf version, an interactive platform is also available to help navigate through specific sections.
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World Energy Review 2024
A platform for reflecting and highlighting the ongoing energy transition process.
Energy Global Trends
The 2023 energy market was characterized by increasing geopolitical tensions. Indeed, in addition to the war between Russia and Ukraine, the end of the year the Israel-Hamas conflict broke out and Houthi attacks on merchant ships in the Strait of Hormuz created new challenges in a sector which is already undergoing important transformations. Consumption of the main energy sources continues to grow, driven by non-OECD countries, while a fast supply response has helped absorb some of the tensions that have emerged in the last years.
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The focuses of the World Energy Review 2024
The first module of WER 2024, published in July, focuses on trends across four key themes:
Oil
In 2023, Brent price reduction of 18%; demand +2.3 Mb/d and production +1.8 Mb/d.
Natural Gas
In 2023 TTF down by 65%; global gas demand has maintained substantial stability. Liquefaction Capacity +2%; Regasification Capacity +6%.
Renewables
In 2023, the growth of solar (+32%) and wind (+13%) installations continues.
Critical Minerals
Mineral production grew in 2023: Lithium +23%; Cobalt and Rare Earths +17%.
To learn more about the four themes:
In 2023, prices fell by 18% y/y (Brent at 82.6 $/b vs 101.2 $/b in 2022). Despite concerns over global economic slowdowns, OPEC Plus actions kept prices around 80 $/b. To counteract downward pressures, OPEC Plus implemented a string of production cuts: first in April by 1.66 Mb/d, and then in July with a Saudi production cut of 1 Mb/d for the entire year 2023.
Demand continued to rise (+2.3 Mb/d vs 2022) reaching 102 Mb/d, surpassing pre-pandemic levels; this increase is linked to higher consumption by non-OECD countries (+2.2 Mb/d), particularly China.
Global oil production (crude and non-conventional oil, natural gas liquids) increased by 1.8 Mb/d: the growth in non OPEC countries (+2.2 Mb/d), especially the United States, was partially offset by reductions in OPEC countries (-0.4 Mb/d). Global refining capacity grew in 2023 by 1.8 Mb/d, the most significant net increase in the past 20 years.
In 2023, prices have declined with an average drop of approx. 60% from 2022 levels. Global gas markets moved towards a gradual rebalancing over the 2022/23 heating season and for 2023 summer months. Favorable weather conditions, economic weakness, and consumption containment measures limited consumption in both Europe and Asia, enabling supply to meet demand and stocks filling, despite reduced Russian pipeline flows.
Global gas demand remained relatively stable in 2023 (+0.7% vs 2022) with divergent dynamics worldwide, particularly the significant increase in China partially offset by the slowdown in the EU. As for liquefaction, global capacity increased by 2%, mainly in the US and Mozambique. Regasification capacity worldwide increased by 6% thanks to Europe (where LNG helped offset reduced Russian gas imports) and Asia (China, India, and the new LNG import market, the Philippines).
In 2023, renewable installations (solar PV and wind) reached a record high of 2,430 GW globally; however, despite exponential growth in recent years, the share of solar and wind in the electricity generation mix remains just above 10%, compared to over 60% generated from fossil fuels (with coal still dominant in many countries).
Reserves and production of these raw materials are concentrated in a few geographic areas. Crucial elements in key technologies related to the energy transition, such as batteries (cobalt, lithium, nickel, manganese, and graphite), wind power (rare earth elements), and solar (silicon), many critical minerals have posted a significant growth. Notably, lithium production increased by 23%, followed by cobalt and rare earths (+17%).
Benefits of the new version of the World Energy Review 2024
modular version to provide quicker information
interactive version to facilitate content navigation
World Energy Review 2024
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