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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
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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…
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Gas Market Lessons from the 2022-2023 Energy Crisis Introduction
…of this report is on gas markets. In conjunction with countries’ long-term energy and decarbonisation objectives, these lessons will be key in enhancing preparedness for future gas market crises.The first lesson is that the global gas market has entered a structurally (and geopolitically) more fragile environment following the 2022-2023 supply shock. Despite fast reorganisation of available liquefied natural gas (LNG) volumes in response to the loss of Russian pipeline flows in Europe, LNG trade flexibility did not equate to compensating lost volumes in globally traded gas. With less natural gas swing production capacity available to the market …
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Global Energy Review 2026 Natural gas
…gas (LNG) prices in the first half of the year. Demand increased by 1% in 2025, translating to an increase of around 40 bcm (or 1.4 EJ) in absolute terms. Incremental demand was largely concentrated in the United States and the European Union – where it was supported by colder winter weather – and in the Middle East, where gas use in the power sector grew rapidly offsetting oil use. By contrast, demand in the Asia Pacific region effectively flatlined, with growth at its lowest level since the 2022 energy crisis. The buildings sector emerged as the largest driver of global…
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- Global trends
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Renewables 2022 Transport biofuels
…United States and Europe. Blending requirements and financial incentives support demand growth in India and Brazil, and Indonesia’s 30% biodiesel blending requirement also boosts biodiesel use in that country. Nevertheless, we have revised year-on-year growth downwards 25% from our 2021 forecast, with price and market developments in Brazil, Finland and Sweden responsible for 80% of this downward revision. While high biodiesel prices led the Brazilian government to reduce its biodiesel blending requirements for 2021/22, in Finland high fuel prices prompted the government to temporarily lower its renewable distribution obligation for 2022/23. Sweden froze 2023 greenhouse…
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Global Energy Review 2025 Key findings
…growth in global GDP, driven by record temperatures, electrification and digitalisation. Renewables accounted for the largest share of the growth in global energy supply (38%), followed by natural gas (28%), coal (15%), oil (11%) and nuclear (8%).Emerging and developing economies accounted for over 80% of global energy demand growth. In China, growth in energy demand slowed to under 3% in 2024, half the rate in 2023 and well below China’s average annual growth of 4.3% in recent years. Nevertheless, China still saw the largest demand growth in absolute terms of any country in 2024. India saw the…
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- Global trends
- Oil
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Electricity Mid-Year Update 2025 Prices: Trends in wholesale markets differ across regions
…lower wholesale prices compared to the previous year in the face of varying demand and generation trends, among other factors. At the same time, a number of markets continued to observe an increase in the occurrence of negative electricity prices. A detailed discussion of negative electricity prices and their drivers can be found in our Electricity 2025 report. Higher gas prices put upwards pressure on European and US electricity prices In the European Union, wholesale electricity prices averaged around USD 90/MWh in the first half of 2025, about 30% higher compared to the same period in 2024. During H1 2025…
