Fossil fuels: a new record of use will be reached in 2024
Global energy and fossil fuel consumption is set to defy wars and high prices and reach a record high in 2024, driven by strong Asian demand, the Economist Intelligence Unit said in a new report on Wednesday.
According to the EIU report, global energy consumption is expected to increase by 1.8% next year.
“Despite still high prices and unresolved supply chain disruptions, demand for fossil fuels will reach record levels, but demand for renewable energy will increase by 11%,” the report's authors write.
According to the report, oil demand alone is expected to increase by 1.7% next year. Demand for natural gas is set to grow 2.2%, led by Asia and the Middle East, while Europe will continue to see depressed demand as it seeks to conserve gas and energy and as its industry slowly gives ground to the Asian one.
Renewable capacity growth will reach a record high of around 400 gigawatts (GW) this year and will continue to increase into 2024, according to the report.
Global oil demand is set to increase by 2.4 million barrels per day (bpd) to a new record high this year and by another 2.2 million bpd next year amid improving oil production. China's economy, OPEC said in its latest monthly report in early October, leaving its demand forecasts for both 2023 and 2024 remained unchanged, despite fears of a slowdown in economies and the destruction of request. Global oil demand is set to hit a record average of 102.1 million barrels per day in 2023, driven by a demand increase of 2.3 million barrels per day in the non-OECD region, OPEC noted.
Global coal demand is expected to remain at record levels this year too, none other than the International Energy Agency (IEA) said earlier this year, despite pushes for de -carbonization
The same agency reiterated this week its forecast that global demand for oil, natural gas and coal will peak before 2030, undermining the need to increase investment in fossil fuels, but so far the peak forecasts have been denials.
Thanks to our Telegram channel you can stay updated on the publication of new Economic Scenarios articles.
The article Fossil fuels: a new record of use will be reached in 2024 comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/combustibili-fossili-sara-raggiunto-un-nuovo-record-di-utilizzo-nel-2024/ on Wed, 25 Oct 2023 15:07:01 +0000.