EI & KPMG & Kearney – Statistical Review of World Energy, 2024

The report by the Statistical Review of World Energy, 2024 by EI, KPMG, and Kearney highlights key energy trends in 2023. It notes a significant rebound in oil consumption, with demand breaking through 100 million barrels per day for the first time ever. Consumption of coal and renewable energy also saw increases. Total primary energy consumption grew by 2% over 2022 levels, with renewables accounting for 14.6% of total consumption. Greenhouse gas emissions from energy use reached record levels, surpassing 40 GtCO2e. Brent crude oil prices fell in 2023, but still remained above pre-COVID levels. Global oil production hit a record high of 96 million b/d, with the US leading in production growth. Natural gas prices decreased from their 2022 highs, with gas production remaining relatively steady. The US became the largest LNG exporter, while Russia saw declines in both LNG and pipeline exports. Global natural gas demand only slightly increased in 2023, with the Asia Pacific region driving growth in LNG demand.