2025年全球能源回顾报告

GlobalEnergyReview2025

INTERNATIONALENERGYAGENCY

TheIEAexaminesthefullspectrum

ofenergyissues

includingoil,gasand

coalsupplyand

demand,renewable

energytechnologies,

electricitymarkets,

energyefficiency,

accesstoenergy,

demandside

managementandmuchmore.Throughitswork,theIEAadvocates

policiesthatwillenhancethereliability,

affordabilityand

sustainabilityofenergyinits

32Membercountries,13Associationcountriesandbeyond.

Thispublicationandanymapincludedhereinarewithoutprejudicetothestatusoforsovereigntyoveranyterritory,tothedelimitationof

internationalfrontiersandboundariesandtothenameofanyterritory,cityorarea.

Source:IEA.

InternationalEnergyAgencyWebsite:

IEAMembercountries:

Australia

Austria

Belgium

Canada

CzechRepublic

DenmarkEstonia

Finland

France

GermanyGreece

HungaryIreland

Italy

Japan

Korea

Latvia

Lithuania

LuxembourgMexico

Netherlands

NewZealand

Norway

Poland

Portugal

SlovakRepublicSpain

Sweden

Switzerland

RepublicofTürkiyeUnitedKingdom

UnitedStates

TheEuropean

CommissionalsoparticipatesintheworkoftheIEA

IEAAssociationcountries:

Argentina

Brazil

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Egypt

India

Indonesia

Kenya

Morocco

Senegal

Singapore

SouthAfricaThailand

Ukraine

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Abstract

ThiseditionoftheGlobalEnergyReviewisthefirstcomprehensivedepictionofthetrendsthattookplacein2024acrosstheentireenergysector,coveringdataforallfuelsandtechnologies,allregionsandmajorcountries,andenergy-relatedcarbondioxide(CO2)emissions.

Thelatestdatashowthattheworld’sappetiteforenergyroseatafaster-than-averagepacein2024,resultinginhigherdemandforallenergysources,includingoil,naturalgas,coal,renewablesandnuclearpower.Thisgrowthwasledbythepowersector,withdemandforelectricityrisingalmosttwiceasfastaswiderenergydemandduetohigherdemandforcooling,risingconsumptionbyindustry,theelectrificationoftransportandthegrowthofdatacentresandartificialintelligence.

Nearlyalloftheriseinelectricitydemandwasmetbylow-emissionssources,ledbytherecord-breakingexpansionofsolarPVcapacity,withfurthergrowthinotherrenewablesandnuclearpower.Gasdemandalsopickedupsubstantially,whileoilandcoalconsumptionincreasedmoreslowlythanin2023.

CO2emissionsfromtheenergysectorcontinuedtoincreasein2024butataslowerratethanin2023.Akeydriverwasrecord-hightemperatures:ifglobalweatherpatternsin2023hadrepeatedin2024,aroundhalfoftheincreaseinglobalemissionswouldhavebeenavoided.Atthesametime,thecontinuedrapidadoptionofcleanenergytechnologiesislimitingemissionsgrowth,accordingtonewanalysis–avoiding2.6billiontonnesofadditionalCO2emissionsperyear.

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Tableofcontents

Keyfindings 5

Globaltrends 8

Energydemandaccelerates,withelectricityleadingtheway 8

Oil 13

Oildemandgrowthlosesmomentum 13

Naturalgas 16

Naturalgasdemandreturnedtostructuralgrowthin 202416

Coal 19

Globalcoaldemandgrowthslows 19

Electricity 21

Electricitydemandgrowthsurgedin 212024

Technology:Electricvehicles 23

Technology:Heatpumps 24

Electricitygeneration 25

Technology:SolarPVandwind 28

Technology:Nuclear 30

CO2Emissions 31

Energysectorcarbonemissionsreachedanewrecordin 202431

Despitetheincreaseinemissions,cleanenergytechnologiesaremakinga

difference 37

Dataandmethodology 38

Acknowledgements,contributorsandcredits 41

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Keyfindings

•Globalenergydemandgrewby2.2%in2024–fasterthantheaveragerateoverthepastdecade.Demandforallfuelsandtechnologiesexpandedin2024.Theincreasewasledbythepowersectoraselectricitydemandsurgedby4.3%,wellabovethe3.2%growthinglobalGDP,drivenbyrecordtemperatures,electrificationanddigitalisation.Renewablesaccountedformostofthegrowthinglobalenergysupply(38%),followedbynaturalgas(28%),coal(15%),oil(11%)andnuclear(8%).

•Emerginganddevelopingeconomiesaccountedforover80%ofglobalenergydemandgrowth.InChina,growthinenergydemandslowedtounder3%in2024,halftheratein2023andwellbelowChinasaverageannualgrowthof4.3%inrecentyears.Nevertheless,Chinastillsawthelargestdemandgrowthinabsolutetermsofanycountryin2024.Indiasawthesecond-largestriseinenergydemandinabsolutetermsmorethantheincreaseinalladvancedeconomiescombined.

•Advancedeconomiesalsosawanotablereturntogrowthinenergydemandafterseveralyearsofdeclines,withdemandrisingbyalmost1%.TheUnitedStatessawthethird-largestabsolutedemandgrowthin2024afterChinaandIndia.TheEuropeanUnionreturnedtogrowthforthefirsttime

since2017(asidefromthepost-Covidreboundin2021).

•Globaloildemandgrowthslowedmarkedlyin2024,inlinewiththeIEA’sforecast.Oil’sshareoftotalenergydemandfellbelow30%forthefirsttimeever,50yearsafterpeakingat46%.Demandforoilroseby0.8%in2024,comparedwitha1.9%increasein2023.However,trendsvariedbetweensectorsandregions.Oildemandfromglobalroadtransportfellslightly,drivenbydeclinesinChina(-1.8%)andadvancedeconomies(-0.3%).Oildemandfromaviationandpetrochemicalsgrew.

•Naturalgassawthestrongestdemandgrowthamongfossilfuels.

Demandincreasedby2.7%in2024,risingby115billioncubicmetres(bcm),comparedwithanaverageofaround75bcmannuallyoverthepastdecade.Chinahadthelargestabsolutegrowthingasdemandin2024ofover7%(30bcm),withgrowthalsostronginotheremerginganddevelopingeconomiesinAsia.Gasdemandexpandedbyaround2%(20bcm)intheUnitedStates.ConsumptiongrewmodestlyintheEuropeanUnion,notablyforindustrialuse.

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•Globalcoaldemandroseby1%.Powergenerationwasthemaindriverofgrowthashightemperaturespushedupelectricityconsumptionforcooling.IntenseheatwavesdrovecoalusehigherinbothChinaandIndia,whichtogetherrepresentedthelargemajorityoftheglobaldemandincreaseofaround65milliontonnesofcoalequivalent(Mtce).Chinaremainedthelargestcoalconsumerglobally,accountingforarecord58%ofglobalcoaluse.

•Globalelectricityconsumptionrosebynearly1100terawatt-hours(TWh)in2024,morethantwicetheannualaverageincreaseoverthepastdecade.TheincreasemorethanJapansannualelectricityconsumption

wasthelargestever,outsideofyearswhentheglobaleconomyreboundedfromrecession.Chinamadeupmorethanhalfoftheglobalincreaseinelectricitydemand,buttherisewasbroad-based,withgrowthof4%inotheremerginganddevelopingeconomies.Electricitydemandreachedanewhighinadvancedeconomies.

•Risingglobalelectricityusewasdrivenbyfactorssuchasincreasingcoolingdemandresultingfromextremetemperatures,growingconsumptionbyindustry,theelectrificationoftransport,andtheexpansionofthedatacentresector.Electricityuseinbuildingsaccountedfornearly60%ofoverallgrowthin2024.Theinstalledcapacityofdatacentresgloballyincreasedbyanestimated20%,oraround15gigawatts(GW),mostlyintheUnitedStatesandChina.Meanwhile,thecontinuedgrowthintheuptakeofelectricvehiclesresultedinariseinelectricityuseintransport.Globalsalesofelectriccarsrosebyover25%,surpassing17millionunitsandaccountingforone-fifthofallcarsales,inlinewiththeIEAsprojectionsfor2024.

•In2024,80%ofthegrowthinglobalelectricitygenerationwasprovidedbyrenewablesourcesandnuclearpower.Together,theycontributed40%oftotalgenerationforthefirsttime,withrenewablesalonesupplying32%.Newrenewablesinstallationshitrecordlevelsforthe22ndconsecutiveyear,witharound700GWoftotalrenewablecapacityaddedin2024,nearly80%ofwhichwassolarPV.GenerationfromsolarPVandwindincreasedbyarecord670TWh,whilegenerationfromnaturalgasroseby170TWhandcoalby90TWh.IntheEuropeanUnion,theshareofgenerationprovidedbysolarPVandwindsurpassedthecombinedshareofcoalandgasforthefirsttime.IntheUnitedStates,solarPVandwindsshareroseto16%,overtakingthatofcoal.InChina,solarPVandwindreachednearly20%oftotalgeneration.

•In2024,over7GWofnuclearpowercapacitywasbroughtonline,33%morethanin2023.Thenewcapacityaddedwasthefifth-highestlevelinthepastthreedecades.Electricitygenerationfromnuclearin2024roseby100TWh,equallingthelargestincreasethiscenturyoutsideofthepost-Covidrebound.Constructionstartsfornuclearpowerplantsgrewby50%in2024,exclusivelyusingChineseandRussiandesigns.

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•Growthinenergy-relatedcarbondioxide(CO2)emissionscontinuestodecouplefromglobaleconomicgrowth.Emissionsgrowthslowedto0.8%in2024,whiletheglobaleconomyexpandedbymorethan3%.Theglobalincreaseof300milliontonnesofCO2wasinfluencedbyrecordhightemperatures.Ifweatherin2024hadremainedconsistentwith2023,itselfthesecond-hottestyearonrecord,abouthalfoftheincreaseinglobalemissionswouldhavebeenavoided.Still,thedeploymentofsolarPV,wind,nuclear,electriccarsandheatpumpssince2019nowprevents2.6billiontonnesofCO2annually,theequivalentof7%ofglobalemissions.Mostemissionsgrowthin2024camefromemerginganddevelopingeconomiesoutsideChina.EmissionsgrowthinChinaslowedin2024,thoughper-capitaemissionsarenow16%higherthaninadvancedeconomiesandnearlytwicetheglobalaverage.Emissionsinadvancedeconomiesfellby1.1%to10.9billiontonnesin2024–alevelseen50yearsago,whentheirGDPwasmorethanthreetimessmaller.

•Energyintensityimprovementscontinuedtoslowin2024.Afterimprovingatanaveragerateofaround2%annuallybetween2010and2019,energyintensityimprovementsslowedto1.2%peryearbetween2019and2023andonly1%in2024.Keyreasonsforthisrecentslowdownincludeinvestment-andmanufacturing-intensivepost-CovidgrowthinmajoremerginganddevelopingeconomiessuchasChinaandIndia;higherenergydemandduetoextremetemperatures;andatrendofpoorgrowthinhydropoweroutputthatwasonlypartiallyreversedin2024,leadingtomoreconsumptionofless-efficientfuelsinsomeregions.

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Globaltrends

Energydemandaccelerates,withelectricityleadingtheway

Differentelementsoftheworld’senergysystemsawverydifferentratesofgrowthin2024,reflectingboththeimpactofshort-termfactorsanddeeperstructuraltrends.Globalenergydemandgrewby2.2%in2024,anotablyfasterratethantheannualaverageof1.3%seenbetween2013and2023.Thisuptickwaspartlyduetotheeffectofextremeweather,whichweestimateadded0.3percentagepointstothe2.2%growth.Despitethis,energydemandgrewmoreslowlythantheglobaleconomy,whichexpandedby3.2%in2024,closetoitslong-termaverage.

Keyglobalgrowthratesandtheshareofenergydemandgrowthbysource,2024

5%

4%

3%

2%

1%

Keyglobalgrowthrates,2024

4.3%

3.2%

2.2%

TotalenergydemandGDPElectricitydemand

Globaldemandgrowth,2024

13.9EJ

Nuclear8%

Coal15%

Oil11%

Renewables

38%

Naturalgas28%

IEA.CCBY4.0.

ElectricitydemandgrewmorerapidlythanbothoverallenergydemandandGDP,increasingby4.3%in2024.Theabsoluteincreaseindemandwasthelargesteverrecorded(excludingthejumpsinyearswhentheglobaleconomyrecoveredfromrecession).Thisreflectsstructuraltrendssuchasgrowingaccesstoelectricity-intensiveapplianceslikeairconditioningandashifttowardselectricity-intensivemanufacturing,aswellasincreasingpowerdemandfromdigitalisation,datacentresandAI,andtheincreasingelectrificationofend-uses.Inall,thepowersectormadeupthree-fifthsofthetotalincreaseinglobalenergydemand.

Renewablesaccountedforthelargestshareofthegrowthintotalenergysupply(38%),followedbynaturalgas(28%),coal(15%),oil(11%)andnuclear(8%).The

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energyintensityoftheglobaleconomyimprovedbyamere1%,continuingtheslowdownseeninrecentyears.Theriseinenergy-relatedCO2emissionsslowedto0.8%,comparedwith1.2%in2023.

Theglobaleconomysawmoderategrowthin2024

AftertheupheavaloftheCovid-19pandemicandthesubsequentglobaleconomicrecovery,theworldeconomysawfurthermoderationingrowthtrendsin2024.Globalgrowthaveraged3.2%,closetoitspre-pandemicaverageof3.4%from2010to2019.Inflationcontinuedtodeclinein2024followingsharppost-pandemicpricespikesandtheimpactofthewarinUkraine.Globalenergypriceshavealsomoderated,withoilpricesonadownwardtrendafterthehighsof2022.Yetgeopoliticalriskspersisted,andsomemarketsremainedexposedtovolatility.ThemainEuropeangaspricebenchmark,theTTF,doubledbyDecember2024fromitslowsinFebruary2024.

AnnualrateofchangeinworldGDP,2000-2024

10.0%

7.5%

5.0%

2.5%

0.0%

-2.5%

-5.0%

200020052010201520202024

mmWorld

Emergingmarketand

developingeconomies

Advancedeconomies

IEA.CCBY4.0.

GDPgrowthinadvancedeconomiesslowedslightlyto1.7%in2024.ContinuedstrongergrowthintheUSwasbolsteredbyhealthysentimentandconsumerconfidence.Bycontrast,theEuropeanUnionsawweakergrowth,amidcompetitivenessconcerns.Inemergingmarketanddevelopingeconomiesgrowthremainedrobustbutslowedslightlyto4.4%.People’sRepublicofChina(hereafter,“China”)reportedgrowthat5%,supportedbystrengtheningmanufacturingoutputandexports,whiletherealestatecontractioncontinued.TherateofgrowthinIndiaslowedto6.5%.Brazilsawimprovedeconomicperformancein2024,withGDPexpanding3.7%.

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Energydemandgrowthvariedsharplybyregion,withthelargestgrowthcomingfromChina

Globalenergydemandroseby2.2%in2024,reachingnearly650EJ.Thiswasledbyanotableshiftbacktogrowthinadvancedeconomieswheredemandgrewbyalmost1%(+2EJ),afterdeclining2%in2023.DemandintheEuropeanUnionreturnedtogrowthforthefirsttimesince2017(asidefromthepost-Covidreboundin2021),aidedbyeasingenergypricesandalowerbaseafterreductionsinrecentyears.IntheUnitedStates,demandgrewby1.7%,whiledemandinJapancontinueditslong-termdecline,falling1.2%.

Therateofenergydemandgrowthinemergingmarketanddevelopingeconomiesslowedin2024,fallingtobelow3%,downfromnearly4%in2023.ThiswasledbytheslowdownindemandgrowthinChina,whichhalvedfrom2023inpartreflectingthelasteffectsofthecountryspost-Covidreopeninginearly2023.GrowthalsodeceleratedinIndia,fallingtobelow5%.

Changeinenergydemand,selectedregions,2023-2024

EJ

5

4

3

2

1

0

-1

+2.9%

+4.9%

+1.7%

+4.2%

+0.5%

+2.2%

-1.2%

ChinaIndiaUnitedStatesSoutheastAsia

MiddleEast

EuropeanJapan

Union

Nuclear

Renewables

Naturalgas

wOil

Coal

Totaldemand

IEA.CCBY4.0.

Nevertheless,despitethisdeceleration,four-fifthsoftotalglobalenergydemandgrowthstilltookplaceinemergingmarketanddevelopingeconomies,withthree-fifthsofthetotalinDevelopingAsia.GrowthinIndiaalonewasmorethantheincreaseindemandinalladvancedeconomiescombined.

Demandforallfuelsandtechnologiesgrewin2024,butnon-fossilsourcesincreasedthemost

Acrosstheenergysystem,allfuelsandtechnologiessawgrowthin2024,althoughatdifferentspeeds.Amongfossilfuels,naturalgasgrewthefastest,withdemandrisingby2.7%toreachanewall-timehighin2024.HigherdemandwasfocusedinfastgrowingAsianmarkets,withgrowthofover7%inChina,andover10%in

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thesmallerIndianmarket.Advancedeconomiessawareturntogrowthin2024aftertwoyearsofdeclineslinkedtohigherprices.Globally,demandgrowthwasdrivenbyhigherindustrialuse,andbyincreasedgasuseinpowergeneration(inpartduetotheimpactofextremeweather).

Globaloildemandgrowthslowedin2024,risingby0.8%,afterincreasingby1.9%in2023.Thisreflectedtheendofthepost-pandemicmobilityrebound,slowerindustrialgrowthandtheincreasinggrowthofsubstituteslikeelectricvehicles.Demandwaslargelyflatinadvancedeconomies(downby0.1%).OildemandgrowthsawasharpdecelerationinChina(+0.8%),andgrewaround1%inotheremergingmarketanddevelopingeconomies.Intermsofsectors,growthwasledbypetrochemicalsandaviation,whiledemandfromroadtransportfellmarginally.

Coaldemandincreasedbyjustover1%in2024toreachanall-timehigh,butthegrowthratehasslowedinrecentyearsafterastrongpost-Covidrebound.Increaseduseinpowergenerationsupportedgrowth,butmetallurgicalcoaldemandwasunderminedbythedecreaseinsteelproduction.CoaldemandgrowthisdrivenbymarketsinDevelopingAsia,withChinaalonenowconsumingnearly40%morecoalthantherestoftheworldcombined.Consumptioninadvancedeconomiescontinuedtodecline,fallingbyover5%in2024.

Othernon-fossilfuelenergysources(includingnuclearandrenewables,bioenergyandwaste)grewbyover5%in2024,andmadeupnearlyhalfthetotalgrowthinglobalenergydemandintheyear.Nuclearpowerrosebynearly4%,whilerenewablesgrewatnearly6%,ledbytheacceleratedexpansionofsolarPVandwind.Energysupplyfromhydropowerincreasedby4.4%,postingarecoveryfromtherecorddropseenin2023duetodroughtsinmajorhydromarkets.

Hightemperatureshelpeddrivehigherenergydemand

Globalenergydemandwasimpactedbyextremetemperaturesin2024–thewarmestyearrecorded,surpassingthepreviousrecordsetin2023.Globalcoolingdegreedays(ameasureofcoolingneeds)were6%higherin2024thanin2023,and20%higherthanthelong-termaveragebetween2000and2020.Regionswithhighcoolingdemandwereparticularlyaffected,includingChina,IndiaandtheUnitedStates.

Inadditiontodrivingcoolingdemand,temperaturetrendscanalsoimpactelectricitygeneration,includingfromhydropower.Inall,weestimatethatweathereffectscontributedabout15%oftheoverallincreaseinglobalenergydemand.Theeffectswerehigherforelectricity,coalandnaturalgasconsumption,aselectricitydemandisdirectlyimpactedbycooling,whilecoalandgassteppedintomeethigherelectricitydemandinseveralregions.Weestimatethattemperatureeffectscontributedaround20%totheincreaseinelectricityandnaturalgasdemandanddrovetheentireincreaseincoaldemand.ForCO2emissions,weathereffectscontributedaroundhalfofthe2024increase.

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Coolingdegreedaysin2023and2024comparedwithlong-termaverageand

contributionoftotalweathereffectstochangeofenergydemandandemissions,2024

1400

1300

1200

1100

1000

Coolingdegreedays

100%

●2024

75%

50%

+20%

●2023

●2000-2020

average

25%

0%

Contributiontogrowthin2024

Weathereffect

Baselineeffect

EnergyNaturalgasCoalElectricityCO:

IEA.CCBY4.0.

•

Energyintensityimprovementsslowedfurther

Theprimaryenergyintensityimprovementoftheeconomy,akeymetricofenergyefficiency,continuedtoslowin2024.Afterimprovingatanaveragerateofaround2%annuallyfrom2010to2019,themeasuredeclinedto1.2%inrecentyears(2019-2023)andfelltoaround1%in2024.Keyreasonsforthisslowdowninrecentyearsincludeinvestment-andmanufacturing-intensiveeconomicrecoveriesinmajoremergingmarketanddevelopingeconomiessuchasChinaandIndia;highenergydemandduetoextremetemperatures;andatrendofpoorgrowthinhydropoweroutputthatwasonlypartiallyreversedin2024,leadingtogreaterconsumptionofless-efficientcoalpowerinsomeregions.

In2024,energyintensityimprovementsslowedinadvancedeconomiesafterseveralyearsofrapidprogressduetohighenergypricesandweakereconomicconditionsinenergy-intensivesectors.Incontrast,ChinaandIndiasawfasterenergyintensityimprovements,althoughstillbelowpre-Covid-19rates.

Thecarbonintensityofglobaleconomicactivityistheproductoftwofactors:theenergyintensityofGDPandthecarbonintensityoftotalenergysupply.Asnotedabove,theenergyintensityofGDPimprovedbyaround1%in2024.Thecarbonintensityoftotalenergysupplyimprovedby1.1%in2024.CombiningthesefactorsgivesanimprovementintheCO2intensityperunitofeconomicactivityof2.1%in

2024.Thisisslightlyslowerthantheaverageimprovementseenoverthelastdecadeandwascausedbytheslowdownintheimprovementinenergyintensity.

Electricityconsumptiongrowthhas–amidwiderelectrificationtrends–remainedbroadlyinlinewithGDPgrowthoverthelastdecade.In2024,theelectricityintensityofGDPincreasedby1%,aselectricitydemandgrowthexceededtheincreaseofGDP.

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Ratesofimprovementinenergyintensity

0%

-1%

-2%

-3%

-4%

-5%

Averageannualrateofenergyintensity

improvement,selectedregions2010-2024

World

China

India

UnitedEuropean

StatesUnion

2010-20152015-20192019-20232023-2024

IntensitiesperGDP,2015-2024

Index(2015=100)

105

100

95

90

85

80

201520202024

ElectricitydemandEnergydemandCO:emissions

IEA.CCBY4.0.

Oil

Oildemandgrowthlosesmomentum

Growthinglobaloildemandslowedmarkedlyin2024,withconsumptionrisingby0.8%(1.5EJor830kb/d)to193EJafterjumpingby1.9%in2023.Thisreflectedtheendofthepost-pandemicmobilityrebound,slowerindustrialgrowthandtheincreasingimpactofelectricvehicles.This0.8%increaseindemandbelowthepre-pandemicgrowthrateofover1%inthedecadeto2019wascloselyinlinewiththeIEAsfirstforecastfor2024setoutinJune2023,whichnotedthatstructuralmacroeconomictrendswouldreassertthemselvesasCovidpandemiceffectseased.Oilsshareoftotalenergydemandfellbelow30%forthefirsttimeever,50yearsafterpeakingat46%.

In2024,chemicalfeedstocksandaviationeachaccountedforaroundhalfofoildemandgrowthinenergyterms(involumetricterms,theshareoffeedstockswashigher,ataround70%).AfterreboundingstronglyfollowingtheendofCovid-19lockdownsinmanycountries,growthinoildemandfromtheroadtransportsectorhasslowedmarkedlyinrecentyears.Since2022,ithasaccountedforjust5%ofgrowthinglobaloildemandinenergyterms.

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Globaloildemandgrowthbysector,2021-2024

mb/d

6

5

4

3

2

1

0

-1

Averageoilgrowth2009-2019

2021202220232024

Othersectors

Feedstock

AviationandshippingRoadtransport

IEA.CCBY4.0.

The2024decelerationindemandgrowthwasmostvisibleinChina.In2023,thecountry’soilusesurgedby8.7%afterlockdownswerelifted,butin2024,itroseby0.8%–wellbelowtheaverageannualgrowthratepriortotheCovid-19pandemic.Mostofthisgrowthwasrecordedin1Q24,owingtotheresidualimpactoflockdownsin1Q23.Theslowdownwasdrivenbyamixoffactors,includingtheveryrapiddeploymentofelectricvehicles,growthinnaturalgas-poweredtrucks,thehugeexpansionofhigh-speedrail,andtheongoingdownturninthepropertysector.In2023,oildemandhadalsobeenboostedbyamajoryear-on-yearoilpricedecline,withbenchmarkBrentcrudepricesfallingby18%comparedwith2022(andproductpricesfallingfurther).In2024,averagepricesfellonlymarginallyyear-over-yearandtheabsenceofacomparableboostcontributedtothemoremuteddemanduplift.

Asaresult,whileglobaloilconsumptionin2024recoveredto1.3%above2019levels,thiswasalmostentirelyduetohigherdemandforpetrochemicalfeedstocks,whichclimbedbyover12%overthepreviousfiveyears.ThisgrowthishighlyconcentratedinChina,wherefeedstockuserosebymorethanthetotalnetincreaseinworldoildemand.Feedstockdemandgrowthhasremainedstrong

–principallyduetotheabsenceofefficiencyimprovementsorwidespreadsubstitutionimpactingplasticproductionordemand.

Non-feedstockusesofoilremaindominatedbytransportapplicationsinroad,aviationandshipping.In2024,thesenon-feedstockuseswerevirtuallyequalto2019levels,despiteaggregateglobalGDPgrowthofabout14%overthisfive-yearperiod.Thishighlightstheimpactoffactorssuchaselectricvehiclesandhigh-speedrail,efficiencyimprovementsandremoteworking.

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Liquidbiofueldemandincreasedby0.2EJin2024comparedwith2023,reachingover4%ofglobaltransportfuelconsumption.Brazil,India,IndonesiaandtheUnitedStatesaccountedfor90%ofthisgrowth.Brazilalonecontributednearlyhalfoftheexpansion,drivenbycontinuedpolicysupportforbiofuelblendingandrisingtransportfueldemand.IntheUnitedStates,whichaccountedforone-fifthofglobaldemandgrowth,theincreasewassupportedbyfederalandstate-levelpolicymeasures.IndiaandIndonesiatogethercontributedafurther20%,reflectinghigherblendingmandates