Picture a world addicted to the staggering flow of 96.4 million barrels of oil every single day in 2023, a dynamic powered by volatile giants and emerging forces, as these remarkable statistics reveal the monumental scale and stark contrasts defining our global energy industry.
Key Takeaways
- In 2023, global primary oil production averaged 96.4 million barrels per day (mb/d), up 2% from 2022, driven by non-OPEC+ gains.
- Proven global oil reserves stood at 1,732.4 billion barrels at end-2022, with Venezuela holding the largest share at 303.8 billion barrels.
- The United States produced 19.4 million bpd of crude oil and condensates in 2023, accounting for 20% of global output.
- In 2023, global natural gas production reached 4,087 billion cubic meters (bcm), up 1.8% from 2022.
- The United States led natural gas production at 1,035 bcm in 2023, 27% of global total.
- Russia produced 616 bcm of natural gas in 2023, down 5.4% due to war impacts.
- Global coal production reached 8.77 billion tonnes (bt) in 2023, up 1.4%.
- China produced 4.67 bt of coal in 2023, 53% of global total.
- India’s coal output hit 997 million tonnes (Mt) in 2023, up 10%.
- Global renewable electricity capacity reached 3,870 GW at end-2023, up 13.5%.
- Solar PV added 447 GW globally in 2023, 75% of new renewable capacity.
- Wind power capacity grew by 117 GW in 2023, led by China at 76 GW.
- Global nuclear electricity generation reached 2,652 TWh in 2023, 9% of total.
- Global nuclear capacity was 392 GW at end-2023, operating 413 reactors.
- China commissioned 9.5 GW nuclear in 2023, total 56 GW.
In 2023, global energy grew modestly with rising oil demand, renewables expansion, and record coal use.
Coal
- Global coal production reached 8.77 billion tonnes (bt) in 2023, up 1.4%.
- China produced 4.67 bt of coal in 2023, 53% of global total.
- India’s coal output hit 997 million tonnes (Mt) in 2023, up 10%.
- Global coal demand peaked at 8.5 bt coal equivalent in 2023.
- Indonesia exported 500 Mt of coal in 2023, 40% thermal.
- Australia's coal exports were 442 Mt in 2023, down 5%.
- US coal production fell to 510 Mt in 2023 from 577 Mt in 2022.
- Russia produced 436 Mt coal in 2023, exporting 210 Mt.
- South Africa's coal output was 248 Mt in 2023, facing logistical issues.
- Global coal trade volume was 1.27 bt in 2023, up 4%.
- Poland produced 98 Mt coal in 2023, 75% from hard coal.
- Mongolia's coal exports surged to 103 Mt in 2023.
- Global coal power capacity added 70 GW in 2023, mostly China.
- Vietnam imported 100 Mt coal in 2023 for power generation.
- Kazakhstan produced 112 Mt coal in 2023, exporting to China.
- Germany's coal production dropped to 102 Mt in 2023.
- Global coking coal prices averaged $250/t in 2023.
- Colombia exported 69 Mt coal in 2023.
- Coal consumption in power sector was 8,000 TWh equivalent in 2023.
- US coal exports hit 88 Mt in 2023, record high.
- Global coal mine methane emissions were 430 MtCO2eq in 2023.
- Japan's coal imports fell 10% to 190 Mt in 2023.
- Canada produced 47 Mt coal in 2023, mostly metallurgical.
- Global coal reserves are 1.08 trillion tonnes, enough for 132 years at 2023 rates.
- Philippines imported 55 Mt coal in 2023.
- Coal phase-out in EU reduced output by 20% to 250 Mt in 2023.
- Global coal-fired capacity retirements totaled 20 GW in 2023.
Coal Interpretation
The world's coal habit persists with a stubborn grin, as demand peaked and production crept up, revealing a planetary tug-of-war where Asia's booming appetite starkly contrasts with the West's fading tremors.
Consumption Emissions
- Global electricity demand grew 2.2% to 28,500 TWh in 2023.
- China's electricity consumption hit 9,220 TWh in 2023, 32% global.
- Global energy-related CO2 emissions rose 1.1% to 37.4 Gt in 2023.
- US primary energy consumption was 94 quadrillion Btu in 2023.
- Global final energy consumption 420 EJ in 2023, transport 29%.
- EU electricity demand fell 3.2% to 2,600 TWh in 2023.
- India's energy demand grew 4% to 950 Mtoe in 2023.
- Global methane emissions from energy 135 Mt in 2023.
- Electricity share in final consumption rose to 21% in 2023.
- Global energy intensity improved 1.6% in 2023.
- Transport fuel demand up 1.1% to 104 mb/d oil equivalent in 2023.
- Buildings sector used 30% of global final energy in 2023.
- Global SO2 emissions from energy fell 5% in 2023.
- Africa's electricity access reached 48% of population in 2023.
- Industry energy use 37% of global total in 2023.
- Global EV sales 14 million units in 2023, 18% of cars.
- Heating oil demand down 2% globally in 2023.
- Global energy subsidies $1.3 trillion in 2023.
- Asia consumed 135 EJ energy in 2023, 50% global.
- Global NOx emissions from energy 40 Mt in 2023.
- Residential electricity use grew 2% to 3,800 TWh in 2023.
- Carbon intensity of energy fell 0.9% in 2023.
- Global aviation fuel demand recovered to 280 Mt in 2023.
- Energy access for 760 million people lacking electricity in 2023.
- Global shipping fuel 300 Mt in 2023, 80% heavy fuel oil.
- OECD energy consumption stable at 180 EJ in 2023.
Consumption Emissions Interpretation
While China single-handedly powers nearly a third of the planet's growing electricity appetite and electric vehicles sprint ahead, the global energy system remains stubbornly addicted to fossil fuels, emitting record CO2 and leaving hundreds of millions in the dark, proving that our transition is more of a sputtering crawl than a clean leap forward.
Natural Gas
- In 2023, global natural gas production reached 4,087 billion cubic meters (bcm), up 1.8% from 2022.
- The United States led natural gas production at 1,035 bcm in 2023, 27% of global total.
- Russia produced 616 bcm of natural gas in 2023, down 5.4% due to war impacts.
- Global LNG exports hit 408 bcm in 2023, with the US as top exporter at 91.2 bcm.
- Qatar's LNG production capacity reached 77 mtpa in 2023, exporting 82 bcm.
- Europe's natural gas imports from Russia fell to 43 bcm in 2023 from 155 bcm in 2021.
- Global natural gas consumption grew 2.4% to 4,028 bcm in 2023, led by Asia.
- Australia's LNG exports were 81.5 bcm in 2023, second globally.
- Iran produced 256 bcm of natural gas in 2023, mostly for domestic use.
- Global underground gas storage capacity was 440 bcm in 2023, with Europe holding 110 bcm.
- China's natural gas imports reached 167 bcm in 2023, up 12% YoY.
- Norway exported 121 bcm of pipeline gas to Europe in 2023, a record.
- Global natural gas prices averaged $10.5/MMBtu in Henry Hub 2023, down from 2022 peak.
- Turkmenistan produced 62 bcm of natural gas in 2023, exporting mostly to China.
- US LNG export capacity expanded to 14.8 bcfd in 2023, with 12.5 bcfd utilized.
- Global gas pipeline length totaled 2.5 million km in 2023.
- Saudi Arabia's gas production hit 128 bcm in 2023, supporting Aramco's liquids growth.
- India's natural gas consumption was 67 bcm in 2023, up 8%.
- Canada produced 194 bcm of natural gas in 2023, exporting 74 bcm to US.
- Global flared gas volume was 148 bcm in 2023, enough for 675 TWh electricity.
- Malaysia's LNG exports were 25 bcm in 2023, down from peak.
- Nigeria produced 40 bcm of gas in 2023, with 18 bcm flared.
- Europe's gas consumption fell 18% to 295 bcm in 2023 vs 2022.
- Indonesia produced 52 bcm of gas in 2023, exporting 20 bcm LNG.
- Global gas-fired power generation was 6,150 TWh in 2023, 23% of total electricity.
- Egypt produced 59 bcm gas in 2023, becoming net exporter.
- UAE gas production reached 88 bcm in 2023.
Natural Gas Interpretation
While America cemented its status as the world’s gas station, Russia’s war-fueled decline accelerated a seismic global shift, leaving Europe shivering on less Russian fuel, Asia thirstily driving demand, and the planet still wastefully burning enough flared gas to power a continent.
Nuclear
- Global nuclear electricity generation reached 2,652 TWh in 2023, 9% of total.
- Global nuclear capacity was 392 GW at end-2023, operating 413 reactors.
- China commissioned 9.5 GW nuclear in 2023, total 56 GW.
- US nuclear generation was 775 TWh in 2023 from 93 reactors.
- France produced 320 TWh nuclear in 2023, 65% of electricity.
- Global nuclear investment was $55 billion in 2023.
- Russia's nuclear capacity 29 GW produced 215 TWh in 2023.
- UAE's Barakah plant reached full 5.6 GW operation in 2023.
- Global small modular reactor projects numbered 80 in 2023.
- South Korea produced 165 TWh nuclear in 2023.
- Nuclear capacity factor averaged 82% globally in 2023.
- India added 0.7 GW nuclear, total 7.5 GW in 2023.
- UK nuclear output fell to 40 TWh in 2023 due to outages.
- Global uranium production was 48,000 tonnes in 2023.
- Canada supplied 15% of global uranium at 7,000 tonnes in 2023.
- Japan restarted 12 reactors, generating 70 TWh nuclear in 2023.
- Sweden's nuclear was 60 TWh from 6 reactors in 2023.
- Global nuclear construction starts: 9 reactors 4.9 GW in 2023.
- Argentina produced 8 TWh nuclear in 2023.
- Nuclear fuel fabrication capacity 200,000 tonnesU/yr globally in 2023.
- Belgium phased out 2 reactors, capacity down to 3 GW in 2023.
- Global nuclear R&D spending $7 billion in 2023.
- Pakistan's nuclear capacity 3.3 GW produced 18 TWh in 2023.
- Spain produced 55 TWh nuclear, 20% of electricity in 2023.
- Global nuclear decommissioning costs estimated $1 trillion cumulative.
Nuclear Interpretation
While nuclear power steadfastly supplied nearly a tenth of the world's electricity with remarkable efficiency, its future hinges on a precarious race between ambitious global expansion led by China, costly retirements in the West, and a trillion-dollar question of how to clean up after ourselves.
Oil
- In 2023, global primary oil production averaged 96.4 million barrels per day (mb/d), up 2% from 2022, driven by non-OPEC+ gains.
- Proven global oil reserves stood at 1,732.4 billion barrels at end-2022, with Venezuela holding the largest share at 303.8 billion barrels.
- The United States produced 19.4 million bpd of crude oil and condensates in 2023, accounting for 20% of global output.
- Saudi Arabia's oil exports reached 7.1 million bpd in 2023, representing 15% of seaborne crude trade.
- Global oil demand hit 102.8 mb/d in 2023, with China consuming 15.5 mb/d or 15% of the total.
- OPEC+ countries accounted for 48% of global oil supply in 2023, producing 40.2 mb/d collectively.
- Russia's oil production was 10.8 mb/d in 2023, down 4% due to sanctions, with exports at 7.8 mb/d.
- Global upstream oil investment reached $568 billion in 2023, focused on maintaining production plateaus.
- Brazil's oil output surged 12% to 3.4 mb/d in 2023, led by pre-salt fields like Mero.
- Norway produced 2.0 mb/d of oil in 2023, with 95% exported, mainly to Europe.
- Global LNG trade from oil-indexed contracts fell to 22% in 2023 from 40% in 2020.
- UAE's oil reserves are 111 billion barrels, with production at 4.2 mb/d in 2023.
- Global oil refining capacity grew by 1.8 mb/d to 103 mb/d in 2023, led by China and India.
- Iran's oil production was 3.99 mb/d in 2023 despite sanctions, with exports at 1.5 mb/d.
- Canada’s oil sands production hit 3.3 mb/d in 2023, 55% of national total.
- Global oil inventories averaged 7.6 billion barrels in 2023, with OECD stocks at 59 days of forward cover.
- Iraq produced 4.5 mb/d of oil in 2023, aiming for 6 mb/d by 2027.
- Global oil prices averaged $82/bbl for Brent in 2023, down 17% from 2022.
- Guyana's oil production exploded to 0.39 mb/d in 2023 from near zero in 2019.
- Kuwait's oil output was 2.7 mb/d in 2023, with reserves of 101 billion barrels.
- Global offshore oil production represented 30% of total in 2023 at 29 mb/d.
- Nigeria's oil production averaged 1.6 mb/d in 2023, hampered by theft and sabotage.
- Global oil tanker fleet carried 60% of seaborne oil trade in 2023 at 42 mb/d.
- Algeria produced 1.2 mb/d of oil in 2023, with exports primarily to Europe.
- Global oil exploration wells drilled numbered 15,200 in 2023, down 5% YoY.
- Qatar's oil production was 1.3 mb/d in 2023 alongside massive LNG expansion.
- US shale oil output from Permian Basin hit 6.2 mb/d in 2023.
- Libya's oil production recovered to 1.2 mb/d in 2023 after disruptions.
- Global heavy oil production grew 3% to 7.5 mb/d in 2023.
- Angola produced 1.1 mb/d of oil in 2023, with declining reserves.
Oil Interpretation
The world still guzzles oil like a teenager at a buffet, but the family drama is shifting as non-OPEC+ producers pile their plates higher, shale kings and deepwater newcomers grab the spotlight, and everyone nervously eyes the tab while investments focus on keeping the party going a little longer.
Renewables
- Global renewable electricity capacity reached 3,870 GW at end-2023, up 13.5%.
- Solar PV added 447 GW globally in 2023, 75% of new renewable capacity.
- Wind power capacity grew by 117 GW in 2023, led by China at 76 GW.
- Hydropower capacity increased by 27 GW in 2023, mostly Asia.
- Global solar PV capacity hit 1,419 GW at end-2023.
- Onshore wind dominated additions with 94 GW in 2023.
- Bioenergy capacity added 5 GW in 2023, total 145 GW.
- China installed 293 GW renewables in 2023, 63% of global.
- Offshore wind added 23 GW in 2023, total 83 GW globally.
- Global renewable electricity generation was 8,900 TWh in 2023, 30% of total.
- Utility-scale solar costs fell 12% to $0.044/kWh LCOE in 2023.
- EU added 56 GW renewables in 2023, solar leading at 34 GW.
- India’s renewable capacity reached 442 GW end-2023, 43% of total.
- Green hydrogen production capacity announced 40 GW electrolysers by 2030.
- Concentrating solar power added 0.8 GW in 2023, total 7 GW.
- US renewables grew 19 GW in 2023, utility solar 14 GW.
- Brazil’s wind capacity hit 29 GW end-2023.
- Global geothermal capacity stable at 15.6 GW in 2023.
- Floating solar grew to 6 GW total in 2023.
- Africa added 2.5 GW renewables in 2023, solar dominant.
- Global CSP LCOE averaged $0.056/kWh in 2023.
- Vietnam added 3.5 GW solar in 2023.
- Renewable investment hit $1.8 trillion in 2023.
- Global wind LCOE fell 3% to $0.033/kWh in 2023.
- South Korea installed 3 GW solar in 2023.
- Global primary energy demand from renewables was 8.5% in 2023.
Renewables Interpretation
While humanity's energy engine is finally getting a serious solar-powered tune-up, with China as the undisputed foreman on this massive global construction site, the project is still critically behind schedule to meet our climate deadlines.
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