Crude oil demand in OECD countries remained flat, following a slight decline in the previous year. In contrast, non-OECD countries, where much of the world’s energy demand growth is concentrated and fossil fuels continue to play a dominant role, saw oil demand rise by 1%. Notably, Chinese crude oil demand fell in 2024 by 1.2%, indicating that 2023 may have reached a peak. Elsewhere, global natural gas demand rebounded, rising by 2.5% as gas markets rebalanced after the 2023 slump. India’s demand for coal rose 4% in 2024 and now equals that of the CIS, Southern and Central America, North America, and Europe combined.

These trends underscore a stark truth: while renewable energy is scaling faster than ever, global demand is rising even faster. Rather than replacing fossil fuels, renewables are adding to the overall energy mix. This pattern, marked by simultaneous growth in clean and conventional energy illustrates the structural, economic, and geopolitical barriers to achieving a truly coordinated global energy transition.