Energy Scenario 2023
1. Demand for gas remaining relatively flat: Why did it not exponentially rise, or, at least linearly rise?
2. In 2022 the combined consumption of oil and biofuel products exceeded 100 million barrels per day for the first time ever. In 2023, consumption of oil products alone exceeded this level. Not expected?
3. Coal demand beating 2022’s record level: Just a momentary increase?
4. Consumption of renewable energy grew at six times the rate of total primary energy: Is it a sufficient rate of increase?
5. Electricity grew 25% faster than total primary energy consumption: What does it convey?
6. Total primary energy consumption increased by 2% over its 2022 level, 0.6% above its ten-year average and over 5% above its 2019 pre-COVID level. So, are we moving towards energy transition or energy addition?
7. Renewables’ share of total primary energy consumption reached 14.6%, an increase of 0.4% over 2022: Still less than 0.5% increase per annum?
8. Fossil fuel consumption as a percentage of primary energy dropped 0.4% to 81.5%: Still less than 0.5% decrease per annum?
9. Greenhouse gas emissions from energy use, industrial processes, flaring and methane (in CO2 equivalent terms) increased 2.1% to exceed the record level set in 2022. For the first time ever, energy-related emissions exceeded the 40 GtCO2e level, with emissions from the direct use of energy breaching 35 GtCO2e for the first time ever: So, are we still on the right track?
10. CO2 emissions from flaring increased by 7% along with emissions from methane and industrial processes that also increased by over 5%. No clue to curtail flaring?
11. Although Brent crude oil prices fell 18% to average $83/bbl in 2023, they were still some 29% above their 2019 pre-COVID levels. Difficult to conceive?
12. Overall oil production from non-OPEC+ countries exceeded global incremental demand growth by 20%. Why?
13. Regionally, whilst North America witnessed a modest increase in oil consumption of around 0.8%, demand in Europe fell by nearly 1% to 13.9 million barrels per day. By contrast, the Asia Pacific region saw an increase of over 5% to 38 million barrels per day. So, Asian oil demand is something completely different North American & European scenario?
Suresh Kumar Govindarajan
Professor (HAG) IIT Madras
https://home.iitm.ac.in/gskumar/
https://iitm.irins.org/profile/61643
28-July-2024
The demand for natural gas remained relatively flat in 2023 due to several key factors:
These factors combined to keep the demand for natural gas from rising significantly in 2023.
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