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World Energy Outlook 2022 Outlook for liquid fuels
…personal mobility; nearly one-in-ten passenger cars sold worldwide in 2021 was an electric vehicle. And now high prices – and their economic impacts – are contributing further to near-term uncertainty. Key findings The oil market today is grappling with huge near-term and long-term uncertainties. Fears of recession loom large over the immediate prospects for demand, although China could boost oil use as it emerges from renewed lockdowns. Sanctions on Russia and dwindling spare capacity cast a shadow over the adequacy of supply. High prices are generating a historic windfall for the oil and gas industry, accompanied by…
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Electricity Market Design Executive summary
…systems. These developments reinforce the importance of market arrangements that ensure efficient resource co-ordination while supporting stable long-term investment.Recent system stresses have underscored the importance of durable market design that can withstand a wide range of system conditions. Higher financing costs, supply chain constraints, network development delays and broader geopolitical pressures have all contributed to a more uncertain operating environment. Since 2019, many jurisdictions have seen annual wholesale market price volatility at five to nine times 2019 levels. In Europe in 2021, triggered by the sudden and drastic reduction in Russian pipeline gas deliveries to Europe, wholesale…
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Global Energy Review 2025 CO2 Emissions
…In 2024, CO2 emissions from fuel combustion grew by around 1% or 357 Mt CO2, while emissions from industrial processes declined by 2.3% or 62 Mt CO2. Emissions growth was lower than global GDP growth (+3.2%), restoring the decades-long trend of decoupling emissions growth from economic growth, which had been disrupted in 2021. Natural gas and coal drove the increase in emissions Natural gas emissions rose by around 2.5% (180 Mt CO₂) in 2024, making it the largest contributor to global carbon emissions growth. This increase was driven by higher consumption in China, the United States, the Middle East, and…
- Key findings
- Global trends
- Oil
- Natural gas
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Electricity 2026 Prices
…in line with the 9% increase in the Title Transfer Facility (TTF) natural gas price at the trading hub in the Netherlands. This was also supported by higher EU Emissions Trading System (EU-ETS) prices, which rose by 15% y‑o‑y, averaging around EUR 75/t CO2 in 2025. Average EU wholesale electricity price remained the highest among the markets analysed in 2025 – roughly twice that of the United States and India, and markedly above levels in Australia (+65%) and Japan (+25%). Cold snaps in January 2026 boosted heating and electricity demand, contributing to higher natural gas spot and forward prices. Higher gas prices…
- Executive summary
- Demand
- Supply
- Grids
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Electricity Mid-Year Update 2025 Prices: Trends in wholesale markets differ across regions
…the United States and Japan, amid higher gas prices. By contrast, countries such as India and Australia saw 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…
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Gas Market Lessons from the 2022-2023 Energy Crisis Conclusion and lessons learned
…suited to replacing the global gas swing production capacity lost during the crisis. With fewer supply-side response options available, the 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…
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World Energy Outlook 2022 Outlook for energy demand
…However, these measures take time to roll out. Short-term actions are needed to reduce dependency on fossil fuel imports this winter, especially in Europe, which includes an important role for consumers in terms of behaviour change. In emerging market and developing economies, demand for fossil fuel rises more slowly than in previous versions of the STEPS, notably for natural gas in Asia. The slowdown in fossil fuel demand growth is led by China, where slowing economic growth and policy efforts lead to a peak in emissions during this decade.In the Announced Pledges Scenario (APS), fossil fuel use decline...
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Global Energy Review 2025 Key findings
…the post-Covid rebound in 2021).Global oil demand growth slowed markedly in 2024, in line with the IEA’s forecast. Oil’s share of total energy demand fell below 30% for the first time ever, 50 years after peaking at 46%. Demand for oil rose by 0.8% in 2024, compared with a 1.9% increase in 2023. However, trends varied between sectors and regions. Oil demand from global road transport fell slightly, driven by declines in China (-1.8%) and advanced economies (-0.3%). Oil demand from aviation and petrochemicals grew.Natural gas saw the strongest demand growth…
- Key findings
- Global trends
- Oil
- Natural gas
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Global Energy Review 2026 Global trends
…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 accelerated, while China’s momentum slowed China accounted for the largest share of global energy demand growth in 2025…
- Key findings
- Global trends
- Oil
- Natural gas
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World Energy Investment 2026 Regional dashboards
Despite the destabilising effect of the Middle East conflict, capital flows to the energy sector are expected to grow to USD 3.4 trillion in 2026, a 5% rise from 2025, mainly from China, the US, and the EU. Clean energy investment grows to USD 2.2 trillion, almost double that of fossil fuels. Investment in clean energy increases year-on-year by 7% in advanced economies and in China, while 4% in other emerging markets, reflecting regional differences with a shared focus on energy security.
