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World Energy Review 2023 Summary

Core Content Overview

The World Energy Review 2023 provides a comprehensive analysis of global energy trends, focusing on oil, gas, renewables, and critical minerals. It highlights the continued dominance of fossil fuels in the global energy mix, the impact of geopolitical events such as the Russian invasion of Ukraine, and the evolving dynamics of energy markets and technologies.

Main Energy Variables in 2022

• World Energy Mix:

  • Global primary energy consumption grew by ~1% in 2022, continuing a long-term trend.
  • Fossil fuels still accounted for ~80% of global energy demand, stable for 30 years.
  • Renewables (solar and wind) made up ~3% of the energy mix, with a small increase in share.

• Oil:

  • Prices rose 43% year-on-year, reaching $101.2/b for Brent crude.
  • Global oil demand increased by +2.2 Mb/d, recovering to ~100 Mb/d, nearly back to pre-pandemic levels.
  • OECD and non-OECD countries each contributed +1.1 Mb/d to demand growth.
  • Global oil production increased by 4.3 Mb/d, with growth mainly in Gulf OPEC countries.
  • A halt in the barrel lightening process was observed, with a slight shift toward medium and heavy crude.
  • Net refining capacity increased by ~2 Mb/d, driven by new projects in the Middle East and China.

• Natural Gas:

  • Prices reached 7 times higher than in October 2020, significantly affecting downstream sectors.
  • Global gas demand fell by over 1% in 2022, following a ~5% rebound in 2021.
  • Europe, Russia, and Asia saw sharp declines, while the US and Middle East showed growth.
  • Europe became a premium market, influencing global gas price indices.

• Renewables:

  • Solar and wind electricity generation accounted for ~10% of global electricity production.
  • Fossil fuels still dominated, with coal contributing 36% of total electricity generation.
  • Renewables installations have been growing exponentially, but their share in the energy mix remains limited.

• Critical Minerals:

  • These minerals are essential for transition technologies such as batteries, wind, and solar.
  • Nickel and lithium showed the highest production growth, over 20%.
  • Other minerals like cobalt, copper, rare earths, and silicon also experienced significant growth due to rising demand.

CO₂ Emissions

• CO₂ emissions from fuel combustion increased by ~1% in 2022, reversing the previous year’s decline.
• This was primarily due to the increase in coal consumption, indicating a continued reliance on fossil fuels despite the push for renewables.

Data Sources and Methodology

• Data is sourced from CME, EIA, OPEC, USGS, and other official bodies.
• Reserves are reported as proven reserves as of 31st December.
• Annual averages are used for other chapters.
• Per capita consumption and production/consumption ratios are calculated using the latest available data.
• Calorific value is standardized to 40 MJ/cm for natural gas to ensure comparability across countries.

Key Sections and Tables

• List of Countries:

  • Categorized by region (Europe, Russia and Central Asia, Middle East, etc.).
  • Includes OECD, OPEC, and MENA classifications.

• Oil:

  • Reserves: Table showing reserves by region and country.
  • Production: Growth in production, with a focus on OPEC and non-OECD regions.
  • Consumption: Global and regional consumption data.
  • Trade and Prices: Details on crude balances, exports, imports, and future prices.
  • Production Quality: Classification based on API gravity and sulphur content, with equivalent factors for conversion capacity.

• Natural Gas:

  • Reserves, Production, Consumption, and Per Capita Consumption data.
  • Trade and Prices: Focus on LNG and pipeline trade dynamics.
  • Liquefaction and Regasification Capacity data is provided.

• Renewables:

  • Solar and wind resources maps.
  • Solar PV and Wind Power capacity and generation data.
  • Biofuels production data.

• Critical Minerals:

  • Cobalt, Copper, Lithium, Nickel, Rare Earths, and Silicon production and reserves data.
  • Focus on their role in energy transition technologies.

Summary of Trends

• Fossil fuels remain the backbone of the global energy system.
• Geopolitical events (e.g., Russia-Ukraine war) have disrupted energy flows and prices.
• Renewables are growing but still represent a small portion of the energy mix.
• Critical minerals are critical for the energy transition, with nickel and lithium leading in production growth.
• CO₂ emissions increased due to higher coal usage, highlighting the challenge of balancing energy needs with environmental goals.