Eni presents the first module of its annual publication now in its 25th edition.
The first module of the World Energy Review 2026 (WER) is now available. In this release we present an updated overview data and insights into Oil, Gas, Renewables, and Critical Minerals. As a new feature of this release, we are also anticipating the publication of data on population and GDP.
The WER, a long-standing annual publication, provides a comprehensive and up-to-date view of global energy sector dynamics. Now in its 25th edition, it confirms its role as a key reference tool, capable of integrating data, analysis, and trends to interpret market developments through a clear and structured approach. It serves as a privileged vantage point for understanding the challenges and opportunities of a constantly evolving system.
The 2026 edition portrays a multifaceted energy system, shaped by geopolitical tensions and moderate global economic growth, in which energy demand continues to rise, still largely driven by traditional energy sources.
A platform for reflecting and highlighting the ongoing energy transition process.
Interactive versionThe global energy market continues to undergo significant changes, in a context marked by persistent geopolitical tensions, complex market dynamics, and the growing need to reconcile energy supply security with responsible environmental management.
Global oil consumption continues its upward trend, driven by non-OECD countries, reaching 104.3 Mb/d (+0.9 Mb/d compared to the previous year) in a context of moderate economic expansion and ongoing uncertainties related to U.S. trade policies. At the same time, global production recorded a significant increase, reaching 100.4 Mb/d (excluding biofuels and processing gains), up by 3.1 Mb/d compared to 2024, mainly supported by non-OPEC countries, notably US.
The gas market was characterized by an apparent stability, with an initial relatively tight phase (due to limited supply and rising consumption), followed by a rebalancing in the second part of the year linked to increased LNG supply. Global demand and production showed limited growth compared to 2024 (around +1%).
The capacity of intermittent renewables (solar photovoltaic and wind) exceeded 3,600 GW, owing to the growing contribution of solar photovoltaics (around 75% of new installations). This growth was predominantly concentrated in China, accounting for over 60% of total new installations.
Also, production of critical minerals, crucial for the development of new technologies, recorded moderate growth, mainly driven by lithium and graphite.
In 2025, the world's population continues to grow at a rate of approximately 1% year-over-year, surpassing 8 billion people. The global economy is showing moderate but resilient growth.
In 2025 Brent at 69,1 $/b; both demand (+0.9 Mb/d) and production (+3.1 Mb/d) increased.
In 2025, global gas demand increased moderately by about 1%. Liquefaction capacity continued to grow (+6%), along with regasification capacity (+5%).
In 2025, solar pv and wind capacity consolidated strong expansion trend (+22% vs 2024), mainly driven by solar.
In 2025, the increase in critical minerals production was confirmed: Lithium +29% and Graphite +13%.
In 2025, the world's population continues to grow at a rate of approximately 1% year-over-year, surpassing 8 billion people. The global economy is showing moderate but resilient growth.
In 2025 Brent at 69,1 $/b; both demand (+0.9 Mb/d) and production (+3.1 Mb/d) increased.
In 2025, global gas demand increased moderately by about 1%. Liquefaction capacity continued to grow (+6%), along with regasification capacity (+5%).
In 2025, solar pv and wind capacity consolidated strong expansion trend (+22% vs 2024), mainly driven by solar.
In 2025, the increase in critical minerals production was confirmed: Lithium +29% and Graphite +13%.
In 2025, the global population continued to grow by around 1% year-on-year, surpassing 8 billion people. This increase remained concentrated in emerging economies, led by Africa (+2.3%) and the Middle East (+1.9%), while Europe was virtually stagnant (+0.1%).
At a country level, India, with around 1.5 billion people, confirmed its position as the most populous country in the world, consolidating its lead over China established in 2023. Among the top ten by population, the most significant increases were observed in African economies (Nigeria +2.1%, Democratic Republic of Congo +3.3%), followed by some South Asian countries, including Pakistan and Bangladesh. In contrast, Russia continued its contraction trend ongoing since 2019.
On the macroeconomic side, the global economy showed moderate but resilient growth, in a context characterized by trade tensions, high geopolitical uncertainty, and uneven trends across regions. The United States continued to provide a major contribution to global growth, supported by resilient consumption and investment, particularly in the technology sectors. China maintained a significant expansion pace, despite a gradual slowdown compared to previous decades.
In the euro area, economic activity remained more subdued, supported by a gradual recovery in real incomes but still constrained by weaknesses in the manufacturing sector and by an uncertain global environment.
Among emerging economies, China continued to grow, while confirming a structurally slowing profile. The development of high-tech sectors provided important support, but overall dynamics were affected by weak domestic demand, challenges in the real estate sector, and demographic pressures. India recorded a strong performance, driven by infrastructure investments, solid domestic demand, and the continued expansion of the services and technology sectors.
Oil In 2025, the global oil market continued to be defined by high volatility and uncertainty due to rising geopolitical tensions that influenced significantly market dynamics.
Brent Dated averaged 69.1 $/b in 2025, representing a 14% YoY decline compared to 2024. The downward pressure was primarily driven by shifting U.S. trade policies and the gradual phasing out of OPEC+ voluntary production cuts. While tensions between Israel and Iran triggered significant price spikes in June, they failed to reverse the broader bearish trend. In the second half of the year, mounting concerns over a projected market surplus dominated sentiment, overshadowing ongoing geopolitical risks.
Global oil demand grew by 0.9 Mb/d in 2025 to reach a record 104.3 Mb/d. This growth was substantially in line with 2024, in a context characterized by moderate economic growth, which also in this case was due to uncertainty surrounding US trade policies. Growth was heavily anchored by strong consumption in jet-kerosene, LPG, and ethane. Demand growth remained heavily concentrated in non-OECD countries. China, India, Indonesia, Nigeria, and Latin America collectively accounted for approximately 70% of the global increase.
Global oil production (excluding biofuels and processing gains) rose by 3.1 Mb/d year-on-year, totalling 100.4 Mb/d. Non-OPEC+ expanded by 1.8 Mb/d, led primarily by the United States (+0.8 Mb/d), whereas OPEC increased by 1.3 Mb/d as the group completed its scheduled unwinding of production cuts agreed upon in 2024.
Lastly, in 2025 global primary refining capacity remained stable year-on-year at 104.9 Mb/d. Major new refinery startups, notably the Dangote refinery in Nigeria (650 kb/d) and the Duqm refinery in Oman (230 kb/d), offset closures across the Atlantic Basin, notably in Europe and in the United States. By the end of 2025, European refining capacity contracted by over 1.0 Mb/d compared to 2015 levels.
2025 was characterized by apparent stability resulting from an initial phase of a relatively tight market (due to limited supply and growing consumption), followed by a rebalancing in the second half of the year, driven mainly by the growth in LNG supply.
Overall, during 2025, prices at the main international hubs increased by an average of approximately 26% compared to 2024:
Global gas demand reached approximately 4,150 Bcm in 2025, a slight increase compared to 2024 (around +1%), reflecting a more moderate growth dynamic than the previous year. OECD countries recorded a 1% increase in gas demand (primarily weather-related), while non-OECD countries saw broadly stable consumption.
Global production trended in line with demand, with growth supported mainly by OECD countries, while growth in emerging economies was more subdued.
Regarding LNG, the global expansion of both liquefaction and regasification capacities continued in 2025. Nominal liquefaction capacity reached approximately 700 Bcm (+6%), while regasification capacity rose to around 1,600 Bcm (+5%). The most significant expansion in liquefaction occurred in the United States (around +30 Bcm), whereas the most substantial increases in regasification were recorded in Asia (around +40 Bcm), particularly in China (+24 Bcm), and in Europe (+16 Bcm).
In 2025, renewable capacity (solar photovoltaic and wind) consolidated its strong expansion trend (+22% vs 2024), with global cumulative installed capacity exceeding 3.600 GW, confirming the growing commitment to these technologies.
Solar photovoltaic continues to drive the development of renewables. In 2025, global cumulative capacity reached approximately 2,400 GW, representing an increase of over 27% compared to 2024 (roughly +500 GW). A particularly dynamic trend was observed in non-OECD economies. Notably, China with an installed capacity of approximately 1,200 GW consolidated its leadership in the development of this technology, accounting for over 60% of total growth and representing about 50% of global installed capacity.
In parallel, wind power showed a more moderate expansion, with global capacity reaching approximately 1.300 GW in 2025, a 14% increase compared to 2024. In this segment as well, China led growth with an installed capacity of approximately 640 GW, accounting for 75% of the total increase and confirming its dominant position with nearly 50% of global installed capacity. Europe and North America continue to play a significant role, with global shares of 23% and 14% respectively, albeit with less skyrocketing growth trends.
Critical minerals play a fundamental strategic role in the development of key technologies for the energy transition. Elements such as cobalt, lithium, nickel, manganese, and graphite are indispensable in battery production, while rare earths play a key role in wind energy, and silicon forms the foundation of photovoltaic technology.
However, the extraction of these resources is highly concentrated in just a few countries, generating supply security risks and limiting competition. Given also the growing demand linked to the energy transition process, recent years have seen a sharp increase in the prices of critical raw materials.
The significant geographical concentration of production is particularly evident for silicon and graphite, with approximately 80% coming from China; for cobalt, 73% of which is mined in the Democratic Republic of Congo; as well as for rare earths and nickel, produced at 69% in China and 67% in Indonesia, respectively. In 2025, the overall production of critical minerals increased compared to 2024, with lithium (+29%) and graphite (+13%) showing the most notable growth.
Regarding reserves, the highest concentrations are found in cobalt and rare earths, minerals of which over 50% are located in the Democratic Republic of the Congo and China, respectively.
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