Energy consumption to rapidly grow 1.8% in 2024 driven by Asian demand

Asia’s energy demand will expand by 3.1% in 2024.

Energy demand is expected to get healthier as it reports an accelerated growth of 1.8% in 2024, up from 1.2% in 2023, an Economist Intelligence report showed.

“This will be supported by strong demand in Asia, where consumption is expected to expand by 3.1%, despite the clouds over China’s economic outlook,” read the statement.

For the rest of the world, the Middle East’s energy consumption will also be strong due to the warm climate, pushing demand for air conditioning.

“Energy demand in Europe, meanwhile, will record its third consecutive year of decline
as the region continues to battle against high energy prices and limited gas supply,” read the report. 

In North America and Latin America, meanwhile, growth will be marginal, where soft economic growth is expected.