In its global energy review published yesterday, the IDA identified trends by 2024 that will probably continue this year, reports the commerzbank raw material analyst, Barbara Lambrecht.
Petroleum participation in global energy consumption falls to a historical minimum
“It was mainly the strong global increase in the demand for electricity (2024: +4.3% year -on -year) that promoted the total energy demand ( +2.2%). The latter, therefore, increased faster than in previous years, the emerging markets being the main motors of demand.”
“Last year’s record temperatures increased the demand for air conditioning, but the progress of electric mobility and the expansion of data centers and artificial intelligence are also causing a significant increase in the demand for electricity.”
“Renewable energies and nuclear energy have made the greatest contributions to meet the growing demand, while the contribution of fossil fuels has decreased. Petroleum participation in global energy consumption fell to a historical minimum of less than 30%, compared to a 46% peak fifty years ago. Among fossil fuels, the gas is the best.”
Source: Fx Street
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