The new Energy
Institute 2024 Statistical Review of World Energy came out about a week ago in
late June 2024. This is a continuation of the former BP Statistical Review of
World Energy. It covers the period through the end of 2023. Several new energy
production, energy consumption, and greenhouse gas emissions metrics hit record
levels. Some of the key highlights of the review include:
1)
A 2% increase in primary energy consumption
2)
Global electricity production grew by 2.5%, a
new record. Asia led the growth.
3)
A strong rebound in oil consumption which increased
by 2.1 million barrels per day
4)
Global coal production increased, with four
countries: China, India, Australia, and Indonesia making up 80% of production.
5)
Increasing coal consumption by 1.6% over 2022, a
new record, and a big increase. China led with 56% of coal consumption.
6)
Renewables share (which includes non-clean
energy sources like biofuels, biomass, and wood) increase by 0.4% to 14.6%
7)
Fossils fuels’ share of primary energy
consumption decreased by 0.4% to 81.5%. (Note: a decreasing share does not mean
fossil fuel consumption decreased. In fact, it increased)
8)
Greenhouse gas emissions from energy use and
industry increased by 2.1%.
9)
Emissions from flaring increased by 7%
10)
China now has more oil-refining capacity than
the U.S.
11)
Global natural gas production remained flat. Global
natural gas demand increased by 1BCM or just 0.02%.
12)
Global LNG supply grew by 2%
13)
Russian LNG exports dropped by 2% and Russian
pipeline gas exports dropped by 24%
14)
The share of nuclear remained flat at 9%
globally
15)
Deployed grid-scale battery system grew to 55.7
GW, with 50% coming from China.
16)
Wind and solar both had record deployment in
terms of capacity added. Solar alone made up 75% of new capacity additions
17)
Global biofuels production increased by 8% with
the U.S. and Brazil leading. About 75% of biofuels consumed globally came from
the U.S., Brazil, and Europe.
18)
Prices for energy transition metals such as
cobalt, copper, and lithium dropped from 2022 highs. Copper dropped the least.
19)
Non-OPEC-plus countries, mainly the U.S.,
increased their share of global oil production
20)
North American continued to lead and expanded
its margin as the global leader in natural gas production and consumption.
Some key selected graphs from the
report are shown below:
References:
“A
year of record highs in an energy hungry world”, EI Statistical Review reveals.
Energy Institute. June 20, 2024. “A
year of record highs in an energy hungry world”, EI Statistical Review reveals
| Energy Institute
2024/73rd
Edition Statistical Review of World Energy. Energy Institute. June 2024. Statistical
Review of World Energy (1).pdf
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