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World Energy Outlook 2022 The global energy crisis
Introduction The world is in the middle of a global energy crisis of unprecedented depth and complexity. Europe is at the centre of this crisis, but it is having major implications for markets, policies and economies worldwide. As so often is the case, the poorest and most vulnerable are likely to suffer most. The strains did not begin with Russia’s invasion of Ukraine, but they have been sharply exacerbated by it. Extraordinarily high prices are sparking a reappraisal of energy policies and priorities. The Europe-Russia energy relationship lies in tatters, calling into question the viability of decades of…
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Copper prices have hit record highs, but smelters face mounting strategic pressures
copper Copper markets enter uncharted territory as structural and short-term pressures converge Copper prices have surged to record highs this year, briefly exceeding USD 14 500 per tonne (intraday) in January 2026, having only passed USD 12 000 per tonne for the first time in December 2025. The unprecedented price levels have been driven by some important short-term developments, including supply disruptions at several major mines and a build-up of US copper inventories due to tariff uncertainty. But they have also been underpinned by some underlying factors, such as challenges in developing new copper mines and the…
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The Implications of Oil and Gas Field Decline Rates Executive summary
…this issue. Decline rates – the annual rate at which production declines from an existing oil or gas field – underpin our analysis of market balances and investment needs across all outlook scenarios.Nearly 90% of annual upstream oil and gas investment since 2019 has been dedicated to offsetting production declines rather than to meet demand growth. Investment in 2025 is set to be around USD 570 billion, and if this persists, modest production growth could continue in the future. But a relatively small drop in upstream investment can mean the difference between oil and gas supply growth and static production. At…
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The energy crisis creates even stronger impetus for EU electrification
draft title Electrification is central to meeting the European Union’s goals on energy security, competitiveness, affordability, and emissions reductions. The closure of the Strait of Hormuz has highlighted the risks of over-dependence on imported fuels and concentrated supply routes, making the case for electrification even stronger.In the EU, around 70% of electricity generation is already supplied from domestic, low-emissions sources. And yet end-users (industry, buildings and transport sectors), source less than one quarter of their energy consumption from electricity. Today, around two-thirds of end-use energy consumption relies on fossil fuels, of which the…
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Brazil
…mix.
Large offshore oil and gas discoveries have confirmed Brazil’s status as one of the world’s foremost oil and gas provinces. Pre-salt discoveries also prompted a change in upstream regulation, granting Petrobras – the national oil company – a strengthened role in areas deemed strategic. Production from the deep-water pre-salt fields in the Santos basin has gained considerable momentum in recent years, offsetting declining output from mature fields elsewhere. Thanks to such successful developments in deep-water production, Brazil turned into a net oil exporter in 2017. As a result, total oil supply is expected to grow…- Overview
- Energy mix
- Emissions
- Electricity
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+ 5 pages
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World Energy Investment 2026
World Energy Investment is the global benchmark for tracking investment trends across the energy sector. The report will present the latest data on capital flows to different types of energy projects, as well as the first set of full-year estimates for 2026.As energy security concerns continue to shape investment priorities, this year’s report will explore the potential implications for different sectors and regions, particularly in light of the ongoing energy crisis stemming from the conflict in the Middle East.The 2026 edition will highlight major investment milestones and opportunities from different energy sectors and regions. It also includes…
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Unlocking Ukraine’s Hydrogen Opportunity: A Roadmap
Ukraine’s energy sector has been severely affected by the Russian Federation’s full-scale invasion. The power sector went from having a large capacity surplus before the war to a power deficit in 2024 due to Russia’s attacks. This has focused attention on energy security and restoring the reliability of supply. Hydrogen demand from conventional applications in refining and ammonia has also plunged, falling 80%, with most of these assets in southern Ukraine, where the frontline and occupied areas are located. Overall economic damage from the war has been extensive, with reconstruction costs previously estimated by the World…
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Policy and financing momentum sustain CCUS progress despite setbacks
CCUS Projects Database 2026 commentary Efforts to expand carbon capture, utilisation and storage (CCUS) took some important steps forward in 2025. Despite delays and cancellations in some areas, projects reached notable milestones in key markets, while growing financing provided further momentum.CCUS deployment in Europe saw a step-change as the world’s first dedicated carbon dioxide CO2 storage hub began operating in Norway. Major projects were also commissioned in China and North America, and the construction of new facilities began in eight countries worldwide. The newest annual update to the IEA’s CCUS Project Database – which incorporates developments between…
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Global EV Outlook 2026 Executive summary
…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 in the region – have already announced plans to expand or extend EV tax incentives as part of their response to the current energy crisis. Electric cars are poised to make up a greater share of total car sales in 2026 The current high oil price environment is drawing consumer attention to the economic benefits of…
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World Energy Outlook 2025 Executive summary
…Abundant supplies of oil, solar panels, batteries and, before long, liquefied natural gas (LNG) create strong incentives for producers to seek out international markets.There is less momentum than before behind national and international efforts to reduce emissions, yet climate risks are rising. 2024 was the hottest year on record and the first in which global temperatures exceeded 1.5 degrees Celsius (°C) above pre-industrial levels. At the same time, the world remains thirsty for energy. New technologies are entering the system at speed, and renewables set new records for deployment in 2024 for the 23rd consecutive year. Oil…
