The International Energy Agency (IEA) released a report stating that the global demand on energy has grown by 2.2% last year – lower than GDP growth of 3.2% but considerably faster than the average annual demand increase of 1.3% between 2013 and 2023.

The report added also that the advanced economies also  saw a return to growth, with their energy demand increasing by almost 1% in aggregate, after several years of declines.

It explained that electricity consumption has been doubled in 2024, compared to the annual average over the past decade, due to global temperatures as well as rising consumption from industry, the electrification of transport, and the growth of data centers and artificial intelligence.

“As a result of higher power consumption, natural gas saw the strongest increase in demand among fossil fuels in 2024. Gas demand rose by 115 billion cubic meters (bcm), or 2.7%, compared with an average of around 75 bcm annually over the past decade,” IEA’s report showed.

Meanwhile, oil demand witnessed slower growth, rising by 0.8% in 2024.