Global energy supply reached around *** exajoules in 2024. This represented an increase of roughly *** percent in comparison to 2023. In 2020, the coronavirus pandemic and its impact on transportation fuel demand and the overall economic performance resulted in primary energy consumption declining to 2016 levels. Nevertheless, worldwide energy consumption is projected to increase over the next few decades. Most common types of fuel Oil is the main primary energy fuel in the world, followed by other fossil fuels such as coal and natural gas. Each of these three sources had consumption levels of more than *** exajoules in 2023, while other fuel types were consumed considerably less. However, in recent years, renewables have become more frequently used as worldwide investment in clean energy has more than double since 2014. Energy industry performance Energy use rose consistently every year over the last two decades except for 2009 and 2020, following the global financial crisis and the aforementioned coronavirus pandemic. As fossil fuels remain the largest source of energy consumption, the prices of these commodities serve as an indicator of overall energy industry performance.

Primary energy consumption is forecast to reach roughly 364 million barrels of oil equivalent per day by 2045. Oil and gas are expected to maintain their dominant role in the global energy sector, with a contribution of approximately 110 and 90 million barrels of oil equivalent per day, respectively. Which country consumes the most energy? Since the beginning of the 21st century, there has been a general upward trend in the usage of primary energy. In 2023, approximately 620 exajoules of primary energy were consumed globally. China was the leading primary energy consumer in the world, consuming around 170.7 exajoules, while the United States came in second position. Fossil fuels' ongoing dependence Global primary energy consumption is dominated by fossil fuels, despite a steady shift toward sustainable alternatives. Although the share of fossil fuels in the energy mix has been decreasing, renewable energy is still not sufficient to meet the current and future energy demand.