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Eni presents the final module of its annual statistical review now in its 24th edition.
The complete module of the World Energy Review 2025 is now available, the annual statistical overview that explores the evolution of the energy world. Now in its 24th edition, the WER provides a detailed, factual, and up-to-date snapshot of the main global energy variables. It is a valuable tool for knowledge and reflection, useful for understanding the trends, challenges, and opportunities in a constantly evolving sector, with the goal of providing an integrated interpretation of energy markets.
The WER 2025 depicts a complex energy system characterized by geopolitical tensions and moderate growth in the global economy, in which energy demand continues to rise, met mainly by traditional sources.
A platform for reflecting and highlighting the ongoing energy transition process.
In 2024, as in the previous year, the energy scenario was marked by strong geopolitical tensions, with the ongoing conflict between Russia and Ukraine and the escalation in the Middle East, which have profoundly affected market dynamics and supply security. The global economy has shown resilience, growing moderately albeit unevenly, with energy demand continuing the almost uninterrupted growth trend observed over recent decades, met by a substantially stable mix in which traditional sources still played the main role.
Oil consumption exceeded pre-pandemic levels, driven mainly by non-OECD countries. Supply also increased, with a significant contribution from the United States. Operators’ expectations, amid fears of economic slowdown and possible rebounds in OPEC+ output, influenced Brent prices, averaging 80.8 $/b.
The gas market was characterized by an unstable balance influenced by climatic, geopolitical, and structural factors. After a mild winter and record storage levels at the end of the season, there was a subsequent recovery in demand, some uncertainties on the supply side, and tensions linked to geopolitical risks. In this scenario, prices at the main international hubs showed an average decrease of 14% compared to 2023.
Installations of intermittent renewable sources (solar photovoltaic and wind) grew at a sustained pace in recent years, reaching a new global record in 2024. Biofuel production also increased, contributing to the decarbonization of the transport sector. There was also steady growth in the production of critical minerals, highlighting their strategic role in the supply chains of the new energy paradigm.
Finally, to complete the picture of the global energy system, total CO2 emissions increased in 2024, reaching a new all-time high, despite significant reduction efforts in some advanced economies.
In 2024, Brent crude prices declined by 2%, while global oil demand increased by 0.8 million barrels per day (Mb/d) and production rose by 0.5 Mb/d.
In 2024, prices declined by an average of 14%; global gas demand increased by 3%. Liquefaction capacity rose by 1.4%, while regasification capacity grew by 4%.
In 2024, solar and wind installations continued to grow, rising by 32% and 11% respectively.
The production of critical minerals continued to grow in 2024: Cobalt +21% and Lithium +15%.
The second module of the statistical review also collects additional information on cross-cutting topics.
In 2024, global primary energy consumption reached approximately 15.5 Gtoe, marking a growth of approximately 2% compared to 2023, in line with the nearly unbroken trend observed over recent decades. The composition of the energy mix remained largely unchanged: fossil fuels continued to meet about 80% of demand, with stable shares for oil (30%), coal (28%), and natural gas (23%), confirming the trend over the last thirty years. While renewable sources such as solar PV and wind grew, their contribution to the energy mix remained limited at less than 3%.
In 2024, the global population surpassed 8 billion people (+70 million), continuing the growth trend observed over the past 15 years at around 1% year-on-year. This growth was concentrated in Africa (+2.4%) and the Middle East (+2.1%), while Europe remained virtually stable (+0.04%).
At a country level, India, with more than 1.4 billion people, confirmed its position as the most populous country in the world, consolidating its lead over China, which saw a decline of 3.3 million people. Among the top ten by population, the most significant increases came from African countries (Nigeria +2.1%, Democratic Republic of Congo +3.3%), followed by Pakistan, Bangladesh, and the United States. Population declined in Russia with a downward trend since 2019.
On the economic side, global growth remained moderate and uneven. The United States reaffirmed its role as the main driver of global economic activity, supported by strong private consumption, public spending, and a still dynamic labor market.In the euro area, economic activity was more subdued, with GDP increasing by 1.2%. Growth was driven by both private and public consumption, along with a positive contribution from foreign trade, while investments declined due to a large amount of unused production capacity and still restrictive financial conditions.
Among emerging economies, China continued to grow (+5%), albeit at a slower pace than in the past. Exports and high-tech sectors gave the largest contributions, but the overall momentum was limited by weakening domestic demand, a crisis in the real estate sector, and demographic decline. India confirmed its robust expansion (+6.7%), fueled by infrastructure investments, strong domestic demand, and the development of services and the technology sector. In Latin America, the picture was more mixed: Brazil (+3%) and Mexico (+1.2%) posted moderate growth, while Argentina still experienced difficulties (-1.3%) due to macroeconomic imbalances and high inflation.
The year 2024 was marked by continued uncertainty and volatility, largely due to the ongoing Russia-Ukraine war and the conflict between Israel and Hamas, both of which significantly impacted global energy markets.
The average Brent price for the year was $80.8 per barrel, reflecting a slight decrease of around 2% compared to 2023. Prices trended downward throughout the year, mainly influenced by market expectations of increased supply, driven both by the rebound in OPEC+ production and by concerns over a potential global economic slowdown. These factors contributed to a more cautious market sentiment, which outweighed persistent geopolitical tensions and led to a gradual decline in prices.
On the demand side, global oil consumption grew by 0.8 Mb/d, reaching a total of 102.8 Mb/d. This growth was primarily fueled by a strong rebound in jet kerosene consumption – thanks to the continued recovery of the aviation sector – and robust demand for petrochemical feedstocks such as naphtha, LPG, and ethane, particularly in China. Unlike 2023, when China alone accounted for 65% of total demand growth, the 2024 increase was more geographically diversified across non-OECD Countries. Together, China, India, Latin America, and the Middle East represented over 60% of the total growth.
Global oil production rose by 0.5 Mb/d in 2024, reaching 97.3 Mb/d (excluding biofuels and processing gains). This increase was mainly driven by non-OPEC Countries (+0.6 Mb/d), with the United States leading the growth with an additional 0.7 Mb/d. OPEC production slightly declined by 0.1 Mb/d, as Saudi Arabia reduced its output by approximately 0.5 Mb/d, partially offset by a 0.4 Mb/d increase from Iran. In terms of crude quality, the production mix (Light, Medium and Heavy) remained largely stable, with a slight decline in the share of Medium & Sour due to the implementation of OPEC+ cuts, particularly in Middle Eastern Countries and Russia. Light & Sweet crudes remained broadly stable as increased U.S. tight oil production was offset by declines in the same category across Africa, Asia Pacific and Europe.
Additionally, primary refining capacity expanded in 2024, reaching 104.6 Mb/d - an increase of 1.1 Mb/d compared to 2023. Africa and the Middle East contributed 52% and 29% of this growth, respectively. Notable projects included the start-up of the Dangote refinery in Nigeria (650 kb/d) and the Duqm refinery in Oman (230 kb/d). In contrast, Europe experienced a reduction of 0.1 Mb/d in refining capacity.
In the biofuels market, global production increased by 7% in 2024 as compared to 2023, with biodiesel recording the largest gain. The US is confirmed to be the main global producer with its 1.4 Mb/d production. Brazil came in second, driven mainly by ethanol production which was supported by the approval of the Fuels of the Future in October 2024, setting specific targets for different types of biofuels. In Asia, Indonesia stood out thanks to its 35% biodiesel blending target (B35). Conversely, the European market was characterized by an oversupply, largely due to high flows from China as it lacks domestic targets.
In 2024, the global gas markets continued to be characterized by an unstable balance. The decline recorded in the first five months of the year –also due to mild weather conditions and record storage levels at the end of the winter season – was partially offset, in the second half of 2024, by sustained demand, especially in Asia, and supply-side uncertainties (such as geopolitical tensions in Ukraine and the Middle East, and reduced imports from Norway).
On a full-year basis, 2024 was characterized by prices at major international hubs which recorded an average decline of approximately 14% compared to 2023:
In Europe, the TTF price averaged $10.9 per MBtu, down from $12.8 per MBtu in 2023, ranging from $7.3-15 per MBtu.
In Asia, the average spot LNG price was $12.1 per MBtu, compared to $13.7 per MBtu in 2023.
In the United States, Henry Hub prices averaged $2.2/MBtu in 2024, down from $2.5 per MBtu in 2023.
Global gas demand increased by about 120 Bcm compared to 2023 (+3%), reaching about 4,120 Bcm, with different growth trends across geographic areas. This increase was primarly driven by China (+29 Bcm), followed by Russia (+23 Bcm) and the USA (+14 Bcm), while in Europe demand remained almost stable, with increased needs in the industrial sector offset by reduced use for power generation.
Global production showed a slight increase compared to 2023 (+1%), with the most significant growth in non-OECD Countries, particularly in Asia, the Middle East, and Russia.
In the LNG sector, 2024 saw an expansion in both liquefaction and regasification capacities worldwide. Nominal liquefaction capacities reached about 660 Bcm (+1.4%), while regasification capacities rose to about 1,500 Bcm (+4%). The most relevant expansion in liquefaction occurred in Indonesia, and the most significant increases in regasification were recorded in Asia (+40 Bcm), especially in China, and in Europe (+18 Bcm), with increases in Germany, France, and Spain.
Gas imports in 2024 increased by about 3% compared to 2023, mainly due to flows to China (40% by pipeline, 60% by LNG), which grew by around 10%. In the European market, there was a decrease in imports of about 6% after the record LNG imports in 2023. In terms of gas exports, the United States remained the world’s leading exporter with a volume of around 210 Bcm, maintaining its leadership thanks to LNG.
In 2024, global coal demand reached approximately 8,440 Mton, marking a 1.4% increase compared to 2023. This growth was mainly driven by higher consumption in Asia, particularly in China (around +2%) and India (around +3%), partially offset by reductions observed in the European Union (about -11%) and North America (about -5%). China remains the world’s largest coal consumer, accounting for over 55% of global demand, and shows a growing trend with a CAGR of 2.4% from 2010 to 2024.
In terms of production, China maintains its position as the global leader, contributing over 50% to worldwide coal production, with a CAGR of 2.3% in the period 2010-2024.
In 2024, the global energy-related CO₂ emissions increased by 0.8%, reaching a new record of nearly 38 Gt. The increase was driven by emerging and developing Countries, while advanced economies posted a further decline.
China remains the world’s largest contributor, accounting for about one-third of global emissions. Despite the economic slowdown and the real estate crisis, its emissions rose by 0.4% in 2024, supported by a rebound in industrial production and increased coal use.
India recorded the fastest growth among major economies (+5.3%), consolidating its position as the third-largest emitter globally, after China and the United States. Since 2010, its emissions have grown at an average annual rate of over 4%, indicating a structurally upward trajectory.
In the United States (first Country until 2005), emissions fell by a further 0.5% in 2024, mainly due to the closure of coal-fired power plants, replaced by natural gas and renewables. Overall, compared to 2010, the decline amounts to roughly 16%.
The comparison between OECD and non-OECD areas highlights an increasingly significant difference. From 2010 to 2024, advanced economies have reduced their emissions by nearly 17%, driven by energy efficiency, coal-to-gas switching, and the growth of renewables. In non-OECD Countries, however, emissions increased by about 38%, mainly fueled by industrialization processes.
In 2024, renewable capacity (solar photovoltaic and wind) continued to grow at a steady pace, with an increase of 560 GW compared to 2023 – a new global record – which brings total installed capacity worldwide to nearly 3,000 GW. The share of solar and wind in the electricity generation mix has risen from 3% about ten years ago to the current 15%, while about 60% is still generated from fossil sources.
Solar photovoltaic sector remains the main driver of renewable growth in 2024. Additional capacity reached approximately 450 GW (+32% vs. 2023). China continues to lead installations (+278 GW, equal to +46% vs. 2023) with a 62% growth rate (CAGR 2024-2010), followed by the United States (+38 GW, +28% vs. 2023). By the end of 2024, global cumulative capacity exceeded 1,850 GW, with China and the United States accounting for 48% and 9% of the total, respectively.
Wind power also experienced significant growth, with capacity increasing by 114 GW in 2024 compared to 2023 (+11%), reaching 1,133 GW by the end of the year. The onshore sector accounted for about 90% of this total. China and the United States remain the main players in wind energy as well, with respective shares of 46% and 13%. Notably, China contributed about 70% of new installed capacity during the year.
Hydroelectric and nuclear power are long-established electricity generation methods. In recent years, these technologies have maintained stable generation capacity, unlike wind and solar, which have seen significant growth. In 2024, hydroelectric and nuclear consolidated their shares in the electricity mix at about 15% and 10%, respectively.
In 2023, global hydroelectric generation amounted to around 4,200 TWh, a decrease of 2% compared to 2022. The declines in Asia-Pacific (-6%) and the Americas (-4%) were only partially offset by the significant growth in Europe (+14%). The trend was the opposite for nuclear power, which reached 2,740 TWh worldwide, marking a 2% increase over the previous year. Growth was driven by the Asia-Pacific region (+6%), particularly Japan (+50%), where several plants resumed operation after the Fukushima disaster, as well as the Middle East (+47.2%), thanks to a new plant entering operation in the United Arab Emirates.
In 2024, the world’s leading country for hydroelectric generation was China, producing about 1,360 TWh (+10% compared to 2023), followed by Brazil (422 TWh, -1% vs. 2023) and Canada (343 TWh, -5% vs. 2023).
In 2024, the top country for nuclear generation was the United States with about 810 TWh (+1%), followed by China (451 TWh, +4%) and France (380 TWh, +12%).
Critical minerals play a fundamental role in the development of key technologies related to energy transition. Elements such as cobalt, lithium, nickel, manganese, and graphite are essential for battery production, while rare earths are crucial for wind energy, and silicon is essential for solar technology. However, the extraction of these resources is highly concentrated in a limited number of Countries. This concentration poses a significant risk to supply security and undermines traditional market competition. In recent years, many critical raw materials have experienced sharp price increases, driven by a rising demand associated with the energy transition.
In terms of reserves, cobalt has the highest concentration – with over 50% located in the Democratic Republic of Congo – and about 40% of rare earths are found in China.
Production is also geographically concentrated. For example, 78% of graphite is produced in China, while 76% of cobalt comes from the Democratic Republic of Congo. Additionally, 69% of rare earths are extracted in China, and over 60% of nickel is produced in Indonesia. Overall, in 2024, the production of critical minerals increased by an average of 5.5% compared to the previous year, with cobalt showing the most significant growth (+21%). This increase was partly offset by a decline in manganese and nickel production.
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