Total energy production

Global energy production slightly slowed down again in 2024 (+1.6%), despite higher production in the BRICS.

As in 2023, global energy production slowed down in 2024 (+1.6% in 2024 after +2.2% in 2023), close to its 2010-2019 average (+1.7%/year). Indeed, the growth in energy production in the BRICS (+3% in China, +4% in India, +2% in Russia), in Indonesia (+6%) and in Iran (+6%) was partly offset by a lower energy production in Saudi Arabia (-5%, mainly due to OPEC+ crude oil production cuts), Algeria (-6%), Egypt (-10%), and Mexico (-6%).

Key 2024 data for energy production are as follows:

• Crude oil: -0.2%, due to OPEC+ production cuts (-6.5% in Saudi Arabia and -3% in Russia), despite a rising production in the US (+4%), Iran (+12%) and Canada (+4%).
• Gas: 2% rebound, spurred by Russia (+7%), China (+6%) and Norway (+8%), despite a lower production in northern Africa (-17% in Egypt and -6% in Algeria).
• Coal: +1.4%, with growth in China (+1.5%), Indonesia (+8%), and India (+5%), despite a 11% fall in the US and a 10% drop in the EU.
• Electricity: +4%, with growth pulled by heatwaves-hit China (+7%), the US (+3%) and India (+4%).