‘Energy Hungry World’ Sets Record Highs for Oil, Coal, Wind and Solar

‘The world is highly dependent on sourcing from China to advance the energy transition and meet decarbonization goals,’ the Brookings Institution reported.

A worker produces solar photovoltaic modules used for solar panels at a workshop in Huaian city, in eastern China's Jiangsu Province, on Sept. 5, 2023. STR/AFP via Getty Images

World consumption of crude oil exceeded 100 million barrels in 2023 for the first time last year, while demand for coal rose to a record for the second straight year, according to the 2024 Statistical Review of World Energy, written jointly by the Energy Institute (EI), KPMG and Kearney.

The demand for energy in the developing world continued to rise last year, with the U.S. retaining its role as the largest supplier of oil and gas, and China remaining the dominant supplier of essential components for wind and solar energy, according to the report.