Key Takeaways
Global energy demand rose 2% in 2024, which resulted in a 1.1% increase in carbon dioxide emissions, due mainly to a 1.8% increase in emissions from the Asia-Pacific region despite declines in carbon dioxide emissions of 0.6% in North America and 1.0% in Europe.
All fuels — fossil, nuclear, and renewable — hit record levels in 2024, but fossil fuels still dominated the global energy mix with an 86.6% share — about the same as in 2023.
At 4%, electricity demand growth outpaced total energy demand growth as the world is turning toward increased electrification and artificial intelligence.
While renewable energy grew faster than other fuels in 2024, it did not displace fossil fuels as many politicians in Western countries want.
Solar and wind power are far less efficient than fossil energy or nuclear energy and require redundant backup power when not producing power themselves.
Carbon dioxide emissions increased 1.1% in 2024 due mainly to a 1.8% increase in emissions from the Asia-Pacific region, despite declines in carbon dioxide emissions of 0.6% in North America and 1.0% in Europe, according to the Energy Institute’s Statistical Review of World Energy. China’s carbon dioxide emissions increased in 2024 by 1.2% and India’s increased by 4.1%, representing 31.5% and 8.3% of the world’s carbon dioxide emissions, respectively. U.S. carbon dioxide emissions declined by 0.8% and represented 13.0% of the world’s emissions in 2024.
For the first time since 2006, all major energy sources hit record consumption levels. Energy demand increased across all regions, with North America and Europe exhibiting the slowest growth rates at 0.4% and 0.7%, respectively, largely due to government policies. The Asia-Pacific region represented 65% of the increase in global energy demand and 47% of total global energy demand.
Global energy supply increased 2% in 2024, driven by increases in demand across all forms of energy, with non-OECD countries dominating both the share and annual growth rates. Fossil fuels continued to dominate the energy system in 2024, accounting for 86.6% of the energy mix, about the same level as in 2023. Increases in global energy supply were as follows: oil supply by 0.8%, natural gas supply by 2.8%, coal supply by 1.2%, nuclear energy supply by 2.9%, hydroelectric supply by 4.5% and renewable energy supply by 8.3%, of which China accounted for 58%. Oil represented 34% of the world’s total energy supply, followed by coal at 28%, natural gas at 25%, renewables at 6%, nuclear at 5%, and hydroelectric at 3%.
World Electricity Generation
Electricity demand saw significant growth (4%) across all regions, outpacing growth in total energy demand, with Asia-Pacific and the Middle East registering the greatest growth in generation at 5.4% and 5.3%, respectively. In the last decade, global electricity generation has grown at 2.6% per year, which is double the annual growth rate of total energy demand over the same period (1.3%).
Coal remained the largest generator of electricity and increased its generation level by 1.2% in 2024. China produced 55% of the world’s total coal generation, followed by India with a 14% share. India’s demand for coal rose 4% in 2024 and equaled that of the Commonwealth of Independent States, Southern and Central America, North America, and Europe combined. Natural gas was the second largest generator of electricity in 2024, with its generation level increasing by 2.5%. Renewable energy generation, excluding hydroelectric generation, increased by 14% in 2024, and as a group, represented the third largest fuel generator of worldwide electricity in 2024.
Coal’s share of world total electricity generation was 34% in 2024, followed by natural gas with a 23% share. Renewable energy generation represented 17% of the world total, hydroelectric was 14%, nuclear energy was 9%, and oil was 2%.
In 2024, total installed solar capacity increased by 32%, and total installed wind capacity increased by 11%. China was responsible for 57% of new wind and solar additions, with solar almost doubling in just two years.
World Oil Production and Demand
Total world oil production was 96.89 million barrels per day in 2024, an increase of 0.6% from 2023 production levels, with non-OPEC countries driving the growth. In the 10 years from 2014 to 2024, total world oil production increased by a yearly average of 0.9%. The report defines oil production as consisting of crude oil, shale oil, oil sands, condensates (lease condensate or gas condensates that require further refining), and natural gas liquids — ethane, liquified petroleum gas, and naphtha separated from the production of natural gas. It does not include liquid fuels from sources such as biofuels and synthetic derivatives of coal and natural gas, liquid fuel adjustment factors such as refinery processing gain, and oil shales/kerogen extracted in solid form.
The United States was the world’s top oil producer, having produced 20.135 million barrels of oil per day in 2024, 20.8% of the world’s total oil production, and a 3.6% increase from 2023 levels. Between 2014 and 2024, U.S. oil production saw a 5.5% annual average growth rate. The United States also ranked first in crude oil and condensate production, totaling 13.194 million barrels per day in 2024.
Saudi Arabia was the second biggest oil producer in the world in 2024, producing 10.856 million barrels per day, 11.3% of the world’s total, but 3.6% less than it produced in 2023. From 2014 to 2024, Saudi Arabia has faced an average yearly oil production decline of 0.6%.
Despite sanctions, Russia ranked third in oil production, producing almost as much as Saudi Arabia — 10.752 million barrels per day, 11.1% of the world’s total in 2024. It represented a 2.9% decline from 2023 production levels. From 2014 to 2024, Russia has seen an average yearly oil production decline rate of 0.2%.
World oil demand grew by 0.7% in 2024, reaching 101.418 million barrels per day. Total liquids consumption grew by 0.8% in 2024 and totaled 104.71 million barrels per day.
Natural Gas Demand and Production
Global gas demand rose by 2.5%, with 50% of the growth coming from the Asia-Pacific region, led by China, Japan, and India. Global gas production increased by 1.2%. The four largest producers were the United States, Russia, Iran, and China, together accounting for 53% of total global production. The United States accounted for 25% of global natural gas production and 22% of its consumption. European gas production fell by 3.4% in 2023, primarily due to decreases in Norway, the UK, and the Netherlands.
The United States retained its position as the largest exporter of liquified natural gas (LNG) in 2024, followed by Qatar and Australia. Collectively, these three countries accounted for 60% of total global LNG exports. China increased its LNG imports by 7% in 2024 to remain the largest importer of LNG, with over one-third of its imports coming from Australia. The Asia-Pacific region alone was responsible for 69% of all LNG imports, with China accounting for one-third. Europe’s LNG imports fell 21% in 2024, despite a slight increase from the Russian Federation. The United States remained the largest supplier of LNG to Europe.
Coal Production and Demand
Global coal demand rose 1% in 2024. The Commonwealth of Independent States, North America, and South and Central America all had declining demand. Europe remained the fastest-declining region globally, with a 7% drop from the previous year. These reductions, however, were not enough to offset overall global growth, as the Asia Pacific region, driven by China, continued to expand, with regional demand increasing by around 2%.
In 2024, global coal production reached a new record high, surpassing the previous peak set in 2023, though the pace of growth slowed compared to the past three years. The Asia-Pacific region continued to expand, with India and Indonesia recording significant production increases of 7% and 8%, respectively. Combined, they produced 37% of China’s total production, the world’s largest coal producer. Coal production in the United States dropped to its lowest level in over 44 years.
Conclusion
Global energy demand rose 2% in 2024, which resulted in a 1.1% increase in carbon dioxide emissions due mainly to a 1.8% increase in emissions from the Asia-Pacific region despite declines in carbon dioxide emissions of 0.6% in North America and 1.0% in Europe. All fuels — fossil, nuclear, and renewable — hit record levels in 2024, but fossil fuels still dominated the global energy mix with an 86.6% share — about the same as in 2023. At 4%, electricity demand growth outpaced total energy demand growth as the world is turning toward increased electrification and artificial intelligence. Due to rising global energy demand, renewable energy, while growing faster than other fuels, only added to the energy mix, rather than displacing fossil fuels as many politicians in Western countries want. Part of the reason is that solar and wind power are far less efficient than fossil energy or nuclear energy and require redundant backup power when not producing power themselves.
