As the world consumed more oil than ever in 2023, a staggering 99.4 million barrels every single day, a complex global energy system is rapidly evolving behind these numbers, balancing record fossil fuel production with an unprecedented surge in renewable power.
Key Takeaways
- World oil production averaged 99.4 million barrels per day in 2023
- US crude oil production hit a record 13.3 million barrels per day in 2023
- Saudi Arabia holds 17% of global proven oil reserves
- Global LNG trade grew 4% in 2023
- US natural gas production hit 103 Bcf/d in 2023
- Russia supplied 15% of Europe's gas pre-2022
- Global solar PV capacity reached 1.6 TW by end-2023
- Wind power added 117 GW globally in 2023
- China installed 217 GW of solar in 2023
- Global coal production reached 8.77 billion tonnes in 2023
- China consumed 4.8 billion tonnes of coal in 2023
- India coal production hit 997 million tonnes
- Global nuclear capacity 413 GW in 2023
- France generated 320 TWh from nuclear in 2023
- US nuclear output 775 TWh
World energy hit records while renewables grew rapidly and oil remained dominant.
Coal
- Global coal production reached 8.77 billion tonnes in 2023
- China consumed 4.8 billion tonnes of coal in 2023
- India coal production hit 997 million tonnes
- Global coal demand grew 1.7% in 2023
- US coal production fell to 578 million short tons
- Indonesia exported 500 million tonnes of coal
- Coal-fired power generation was 10,700 TWh globally
- Australia coal exports 468 million tonnes
- South Africa relies on coal for 80% of electricity
- Global coal trade volume 1.2 billion tonnes
- Poland's coal production 110 million tonnes
- Coal reserves worldwide 1.08 trillion tonnes
- Russia coal output 440 million tonnes
- EU coal use fell 18% in 2023
Coal Interpretation
While China’s and India’s ravenous coal appetites drive global demand ever higher, the West’s energy transition is more of a polite diet than a serious intervention for the planet's fossil fuel addiction.
Consumption
- Global primary energy demand 620 EJ
- World energy consumption per capita 78 Mtoe
- US energy consumption 94 quadrillion Btu
- China's energy demand 170 EJ
- Global CO2 emissions from energy 37.4 Gt
- Energy intensity fell 1.5% globally
- Residential energy use 27% of total
- Transport sector 29% of energy demand
- Industry energy consumption 37%
- Global final energy consumption 420 EJ
- EU energy consumption down 4%
- Oil 31% of global energy mix
Consumption Interpretation
The world is guzzling energy with an oil-soaked, coal-choked, and gas-guzzling appetite that, despite its occasional green dieting and efficiency gains, is still belching out enough carbon to turn our atmosphere into a planetary sauna.
Electricity
- Global electricity demand grew 2.2% in 2023
- Renewables share of electricity 30% globally
- US electricity generation 4,178 TWh in 2023
- China's power consumption up 6.7% to 9,220 TWh
- Global grid investment $400 billion
- EU electricity demand fell 3.2%
- India electricity generation 1,949 TWh
- Battery storage capacity added 45 GW globally
- US peak demand 750 GW
- Global data center power use 460 TWh
- EV charging demand 100 TWh globally
- Africa electricity access 50%
Electricity Interpretation
While our global appetite for electricity continues to grow, fed by China's industrial engine and the silent hum of data centers, the promising rise of renewables and batteries is still racing to catch up, leaving billions in Africa waiting at the starting line.
Natural Gas
- Global LNG trade grew 4% in 2023
- US natural gas production hit 103 Bcf/d in 2023
- Russia supplied 15% of Europe's gas pre-2022
- Qatar's LNG exports reached 77 million tonnes in 2023
- Global natural gas demand rose 2.5% in 2023
- US Henry Hub price averaged $2.50/MMBtu in 2023
- Australia's LNG production was 88 million tonnes
- Europe imported 121 bcm of LNG in 2023
- Global gas-fired power generation grew 1.5% in 2023
- Permian Basin gas production was 22 Bcf/d
- Norway exported 114 bcm of gas to Europe in 2023
- Global underground gas storage capacity is 450 bcm
- US LNG exports hit 91 million tonnes in 2023
- Turkmenistan produced 40 bcm of natural gas
- Global pipeline gas trade was 600 bcm in 2023
- Canada exported 75 bcm of gas to US
- Asia's LNG imports grew 6% to 220 mt
Natural Gas Interpretation
The world’s thirst for gas is being shrewdly and competitively quenched, with the US quietly flooding the market while Europe cleverly diversifies from Russia, and Asia eagerly sopping it all up.
Nuclear
- Global nuclear capacity 413 GW in 2023
- France generated 320 TWh from nuclear in 2023
- US nuclear output 775 TWh
- China added 5.5 GW nuclear capacity in 2023
- Global nuclear generation 2,650 TWh
- South Korea nuclear capacity 26 GW
- UAE's Barakah plant at full 5.6 GW operation
- Finland's Olkiluoto 3 added 1.6 GW
- Global hydro capacity 1,416 GW
- Nuclear provides 10% of world electricity
- Russia operates 38 reactors totaling 29 GW
- UK nuclear generation 48 TWh in 2023
Nuclear Interpretation
While France demonstrates nuclear energy's impressive potential by generating more electricity from a single 60 GW fleet than many countries do from all sources combined, the global story remains one of steady but frustratingly slow growth, as the world's total 413 GW of capacity provided a vital 10% of our electricity in 2023—a crucial foundation for decarbonization, yet one in need of a dramatic scale-up to truly meet the climate challenge.
Oil
- World oil production averaged 99.4 million barrels per day in 2023
- US crude oil production hit a record 13.3 million barrels per day in 2023
- Saudi Arabia holds 17% of global proven oil reserves
- OPEC+ countries account for 40% of global oil supply
- Brent crude oil price averaged $82 per barrel in 2023
- Global oil demand grew by 2.3 million barrels per day in 2023
- Russia exported 7.5 million barrels per day of crude oil in 2023
- US oil inventories averaged 440 million barrels in 2023
- Norway's oil production was 2 million barrels per day in 2023
- Global upstream oil investment reached $500 billion in 2023
- Iraq produced 4.5 million barrels per day of oil in 2023
- Canada's oil sands production was 3.3 million barrels per day
- UAE oil reserves are 111 billion barrels
- Global refinery throughput was 82 million barrels per day in 2023
- Brazil's oil production grew 12% to 3.2 million bpd in 2023
- Global oil rig count averaged 2,300 in 2023
- Kuwait produced 2.7 million barrels per day in 2023
- US shale oil output was 9.5 million bpd in 2023
- Global oil consumption in China reached 15.5 million bpd
- Nigeria's oil production averaged 1.4 million bpd
- Global proven oil reserves total 1.7 trillion barrels
- Iran's oil exports were 1.5 million bpd despite sanctions
Oil Interpretation
Despite breaking its own records, the US still watches the world's thirsty addiction to oil—fueled by OPEC's dominant hand and resilient producers everywhere—drive a market where supply, demand, and geopolitics mix into an $82-per-barrel cocktail of indispensable volatility.
Renewables
- Global solar PV capacity reached 1.6 TW by end-2023
- Wind power added 117 GW globally in 2023
- China installed 217 GW of solar in 2023
- Global renewable capacity grew 14% to 3.9 TW
- EU wind capacity hit 255 GW by 2023
- Offshore wind added 10.8 GW in 2023
- US solar capacity reached 177 GW
- Hydropower generated 4,200 TWh globally in 2023
- Bioenergy capacity was 150 GW worldwide
- India added 24 GW renewables in 2023
- Global green hydrogen projects reached 428 GW electrolyzer capacity announced
- Brazil's wind capacity exceeded 30 GW
- Geothermal capacity was 15.9 GW globally
- Concentrated solar power capacity 7.5 GW
- Global renewable investment hit $1.8 trillion in 2023
- Vietnam solar boom added 12 GW in 2023
Renewables Interpretation
While we’re still far from solving the entire climate puzzle, the global renewable energy sector is now assembling it at a breakneck pace, with solar panels and wind turbines leading a charge so robust it almost makes you believe in a clean power future.
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