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Multinational Overview


in figures

World oil production:94.7 million bopd

World oil consumption:99.8 million bopd

World energy consumption, all sources combined:13.9 billion toe

World renewable energy consumption:561.3 million toe

The future of the multinational energy mix

The International Energy Agency (IEA) in its World Energy Outlook annual report presents a set of scenarios exploring different futures, measures – or the absence of measures – which make them possible and the interconnections between components of the system.
The “current policies” scenario illustrates what happens if the world continues its current trajectory without the adoption of additional measures. In this scenario, energy demand will grow by 1.3% per year until 2040, and the boom in demand of energy services won’t be limited by any additional effort to improve energy efficiency. If this figure is much lower than the notable growth of 2.3% recorded in 2018, the result will nonetheless be steadily increasing energy-related emissions, as well as increased pressure on most aspects of energy security.
The “stated policies” scenario goes further and integrates the intentions and objectives confirmed by policies. This scenario was renamed in order to emphasize that it only takes into account political initiatives already announced and accompanied by specific programmes. The objective is to present a mirror to the strategies of political decision makers and to illustrate the consequences, not to guess how political priorities will evolve in the future.
In the “stated policies” scenario, energy demand grows by 1% per year until 2040. Low-carbon energy sources, primarily solar photovoltaic (PV), respond to more than half of this growth and natural gas, stimulated by the growth in LNG trade, represents a third. Oil demand plateaus in the 2030s and coal consumption decreases slightly.
Certain energy sectors, in particular the electricity sector, are undergoing rapid transformation. Several countries, especially those aspiring to carbon neutrality, are carrying out a significant overhaul of their supply and consumption. However, the development of low-carbon technologies is not enough to offset the effects of global economic and demographic growth. Although the increase in emissions slows down in this scenario, in the absence of a peak before 2040, common sustainable development goals remain out of reach.
The “sustainable development” scenario proposes a trajectory allowing achievement of the sustainable development objectives relating to energy, which requires profound and rapid changes at all levels of the energy system. This scenario defines a trajectory perfectly in accordance with the Paris Agreement by containing the elevation in global temperatures well below 2 degrees Celsius and continuing the action conducted to limit them to 1.5 degrees Celsius. It also meets the objectives of universal access to energy and improving air quality.

KUFPEC makes first offshore Indonesia discovery
Indonesia - January 24, 2022

Kuwait Foreign Petroleum Exploration Company has made a commercially viable discovery of gas condensate on the offshore Anambas…

Oman partners with bp for energy transition
Oman - January 17, 2022

Oman has signed a strategic framework agreement with bp for development of renewables and green hydrogen projects by 2030, the…

Reliance signs $80-bln MoU with Indian government
India - January 14, 2022

Reliance Industries has signed an MoU with the government involving investments of USD 80 billion for development of low-carbon energy infrastructure in Gujarat, India,…

ExxonMobil buys stake in biofuels company
Norway - January 12, 2022

ExxonMobil has purchased a 49.9% stake in Norwegian biofuels company Biojet, the
American multinational announced on Tuesday.

Biojet plans to build five biofuels…

RWE starts offshore wind joint venture
Germany - January 10, 2022

RWE has signed a partnership with Canadian power producer Northland Power for development of a 1.3-GW cluster of offshore wind farms in the North Sea, the German…

Reliance Industries buys UK battery company for $135 million
India - January 03, 2022

Reliance Industries has signed an agreement with UK battery company Faradion to acquire all shares for USD 135 million, the Indian multinational conglomerate announced…

Ghana's petroleum hub moves forward refining refinery
Ghana - December 27, 2021

In October 2020, the Ghanaian government passed the Petroleum Hub Development Corporation Bill, an initial step in the development of a refining and petrochemicals…

Ghana - December 06, 2021

Mustapha Abdul-Hamid, CEO of the National Petroleum Authority (NPA), talks to The Energy Year about recent developments in Ghana’s petroleum downstream sector, the…




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