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Global EV Outlook 2026 Executive summary
…oil crisis of the 1970s prompted the introduction of fuel efficiency standards, which resulted in close to a doubling of the fuel economy of conventional cars between 1975 and today, while during the Covid-19 pandemic, many countries introduced EV subsidies to boost uptake and support a broader economic recovery. In 2025, the global fleet of EVs avoided the consumption of around 1.7 million barrels of oil per day (mb/d), primarily in countries that have implemented fuel economy and CO2 standards, such as China and the European Union. Some countries in Southeast Asia – including Viet Nam, the largest EV market…
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Electricity Market Design Executive summary
Electricity systems are changing fast, and market design must evolve with them Electricity systems are undergoing rapid structural change, increasing the need for market frameworks that keep pace with evolving operational and investment requirements and possibilities. Electricity is central to modern economies, and its role is expanding as consumption patterns shift, digitalisation accelerates, energy systems decentralise, and variable resources grow. Across major regions, these trends are increasing the complexity of real-time operations and reshaping investment dynamics. Short-term and seasonal flexibility needs are projected to grow faster than demand over the next decade, while electrification in many sectors is…
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Gas Market Lessons from the 2022-2023 Energy Crisis Conclusion and lessons learned
…global gas market finds itself with fewer tools to recover quickly from sudden or unexpected shifts in fundamentals.At the heart of the crisis, governments implemented measures that were key in supporting alternative or existing supply-side flexibility tools, including minimum storage obligations in the European Union and the Strategic Buffer LNG scheme in Japan. Flexibility levers such as these, while not intended to replace lost forms of swing production, aim to improve market resilience in case of supply shocks. Further developing such options and mechanism will be key in safeguarding flexibility in the global gas and LNG market and…
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Global Hydrogen Review 2025 Demand
…Based on projects that are operational, under construction or have reached final investment decision (FID), more than 2 Mtpa is expected to be consumed in refineries and industrial facilities by 2030. This could be complemented by additional supply provided by merchant projects.In road transport, heavy trucks remain the only fast-growing market for fuel cell electric vehicles, despite their higher total costs of ownership when compared to battery electric or diesel trucks. China remains the leader, with almost 95% of the world’s fuel cell commercial vehicles stock.In shipping, the fleet of ships able to use hydrogen-based fuels…
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Rare Earth Elements Illustrative mine-to-magnet value chain
Illustrative mine-to-magnet value chain
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Global Energy Review 2025 Natural gas
…oil-to-gas switching in the power sector continued in 2024. In road transport, the rapid scaling up of natural gas-powered trucks in China – with record sales in 2024 – contributed to lower diesel demand there. The use of LNG as a bunkering fuel is also expected to increase amid more stringent emissions regulations for shipping. Gas demand grew across regions Natural gas demand in emerging market and developing economies in Asia expanded by around 6% in 2024, accounting for nearly 40% of incremental global gas demand. This strong increase was primarily driven by China and India. Both gas markets…
- Key findings
- Global trends
- Oil
- Natural gas
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Global Energy Review 2026 Global trends
…around 0.7 EJ) of additional consumption. Cooler weather and strong renewables growth were the major drivers of the slowdown. Oil demand growth also eased, increasing by around 0.65 mb/d, driven by petrochemicals and aviation as fuel demand for road transport growth remained muted as electric vehicle sales increased by over 20% to more than 20 million units. Natural gas demand increased by around 40 billion cubic metres (bcm). At 1%, the annual growth rate marked a notable slowdown from the 2.8% increase in 2024, as high prices curbed higher consumption. Energy demand growth in the United States…
- Key findings
- Global trends
- Oil
- Natural gas
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Global Critical Minerals Outlook 2025 Regional snapshots
…America is leveraging financial incentives to stimulate private-sector investment. Latin America, rich in critical minerals, is projected to reach USD 154 billion in mining and refining value amid regulatory reforms to attract foreign capital. China, already dominant, is expected to grow from 45% to 50% of global refining market share. The rest of Asia is also emerging as a key player. Southeast Asia’s mining sector is set for rapid growth with a focus on nickel, cobalt and rare earths. Japan and Korea are investing in overseas assets and promoting recycling. India is moving to unlock untapped reserves. Australia…
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Electricity 2026 Prices
…significant variations across regions remain. EU electricity prices for energy‑intensive industries stayed elevated in 2025, again averaging over twice US levels and nearly 50% above those in China, similar to 2024, adding competitive pressure.At the same time, negative wholesale electricity prices became more common across many markets. Exceptions include the Nordic region in Europe and California in the United States, which recorded year-on-year declines in the numbers of negatively priced hours in 2025. These reductions were driven by more price‑responsive supply and demand, alongside the growing deployment of battery storage, which helped absorb excess generation and smooth short‑term…
- Executive summary
- Demand
- Supply
- Grids
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World Energy Outlook 2022 Key findings
Introduction Each energy crisis has echoes of the past, and the acute strains on markets today are drawing comparison with the most severe energy disruptions in modern energy history, most notably the oil shocks of the 1970s. Then, as now, there were strong geopolitical drivers for the rise in prices, which led to high inflation and economic damage. Then, as now, the crises brought to the surface some underlying fragilities and dependencies in the energy system. Then, as now, high prices created strong economic incentives to act, and those incentives were reinforced by considerations of economic and energy security.But…
