Core Insights - The 24th edition of Eni's "World Energy Review" indicates a 2% growth in global energy demand for 2024, with fossil fuels maintaining dominance despite record expansions in renewable energy [1][2] - Global oil demand is projected to reach 102.8 million barrels per day in 2024, an increase of 800,000 barrels per day from 2023, primarily driven by China, India, Latin America, and the Middle East [1] - The average Brent crude oil price for 2024 is expected to be $80.8 per barrel, a 2% decrease year-on-year due to anticipated supply increases from OPEC+ and economic concerns [1] - Global natural gas demand is forecasted to grow by 3% in 2024, with China being the main driver, while European consumption remains stable [1][2] Renewable Energy Insights - The global renewable energy sector continues its record expansion, with total installed solar and wind capacity nearing 3000 GW, accounting for 15% of global electricity generation [2] - Traditional energy sources still contribute approximately 60% of global electricity, highlighting the ongoing reliance on fossil fuels [2] - Biofuel production is expected to grow by 7%, with the United States and Indonesia as key contributors [2] - The production of critical minerals necessary for energy transition is projected to increase by 5.5%, with cobalt production surging by 21% [2] Environmental Impact - Despite advancements in clean energy, global CO2 emissions are expected to rise by 0.8% in 2024, driven by production increases in emerging economies, while emissions in developed economies continue to decline [2] - The report emphasizes the "structural inertia" within the global energy system, indicating that fossil fuels will remain dominant even with significant increases in renewable energy capacity and stronger decarbonization policies [2]