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2025/06/15
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Global energy demand up 2.2 percent in 2024
[24/03/2025 06:35]
PARIS-SABA
Global energy demand increased by 2.2 percent in 2024, driven by higher electricity consumption across various sectors, despite slower growth in China.
The International Energy Agency (IEA) said in a report released today, Monday, that the growth achieved in demand was lower than the global GDP growth rate of 2.3 percent, but faster than the average annual increase of 1.3 percent during the period from 2013 to 2023.
The report noted that emerging and developing economies accounted for more than 80 percent of the increase in global energy demand, while advanced economies recorded a return to growth after several years of decline, as demand rose by nearly one percent.
The energy sector has been the main driver of accelerating global demand growth, with global electricity consumption rising by about 1,100 terawatt hours (4.3 percent), almost double the annual average recorded over the past decade. Oil demand grew at a slower pace of just 0.8 percent, bringing oil's share of total energy demand below 30 percent for the first time in more than 50 years after peaking at 46 percent.
The report stated that sales of electric cars rose by more than 25 percent during 2024, making electric vehicles represent one in five cars sold globally, which contributed to reducing oil consumption in the road transport sector and compensating for the increase in oil consumption in the aviation and petrochemical sectors.
Global energy demand increased by 2.2 percent in 2024, driven by higher electricity consumption across various sectors, despite slower growth in China.
The International Energy Agency (IEA) said in a report released today, Monday, that the growth achieved in demand was lower than the global GDP growth rate of 2.3 percent, but faster than the average annual increase of 1.3 percent during the period from 2013 to 2023.
The report noted that emerging and developing economies accounted for more than 80 percent of the increase in global energy demand, while advanced economies recorded a return to growth after several years of decline, as demand rose by nearly one percent.
The energy sector has been the main driver of accelerating global demand growth, with global electricity consumption rising by about 1,100 terawatt hours (4.3 percent), almost double the annual average recorded over the past decade. Oil demand grew at a slower pace of just 0.8 percent, bringing oil's share of total energy demand below 30 percent for the first time in more than 50 years after peaking at 46 percent.
The report stated that sales of electric cars rose by more than 25 percent during 2024, making electric vehicles represent one in five cars sold globally, which contributed to reducing oil consumption in the road transport sector and compensating for the increase in oil consumption in the aviation and petrochemical sectors.
Key words:
petrochemical - International - compensating - SABA Global - accelerating - consumption - electricity - contributed - developing - increased -
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