Oil and gas remain the largest sources of energy, meeting 59% of total global demand in 2024
Oil and natural gas, formed from decayed organic matter subjected to heat and pressure over millions of years, are key energy sources that have bolstered economic sectors such as residential heating, transportation, and manufacturing. However, their role in greenhouse gas emissions and environmental disasters like oil spills has pressured the industry amidst the low carbon transition. Despite this, over 100 countries produce these fuels, and they remain significant in the energy sector. The industry is split into upstream (exploration and extraction), midstream (transport and storage), and downstream (refining and sale). Product forms include natural gas, LPG, petrol, diesel, and other petrochemicals. Recent trends show increased use of natural gas due to its cleaner burn compared to oil and coal, the rise of LNG technology, and advancements in shale gas production. Future supply depends on new deposits and production technology, while CCUS developments will influence the long-term energy mix.
For the latest news and articles on exploration and production, read New Energy World.
Explore our dedicated collection on Shale Gas.
≅0.0%
of methane emissions caused by human activity can be attribute to fossil fuels (IEA)
0%
of total global energy demand in 2024 was met by oil (Statistical Review of World Energy)
>0Mt
of methane emissions in 2024 came from production of fossil fuels combined with limited mitigation efforts (IEA)
0Mt
of CO2 is currently captured annually from carbon capture facilities around the world (IEA)
New Energy World stories
After a year of decline, global clean energy trade rebounded to $479bn in 2025, according to new report
2nd June 2026
Recent geopolitical developments, including the Iran conflict, have contributed to a sharp rise in global fossil fuel prices, disproportionately affec...
Electrification programmes could solve nations’ over-reliance on fossil fuel imports, but will be limited by grid investments, according to reports
26th May 2026
A new report from BNEF suggests countries could significantly cut their reliance on imported fossil fuels over the coming decades, as rapid advances i...
France publishes roadmap to phase out fossil fuels by 2050
11th May 2026
The 14-page strategy does not unveil any new commitments but consolidates existing French climate and energy policies into a single framework with def...
More tools launched to get a grip on methane emissions
11th May 2026
What has improved is data. The IEA said: ‘The availability and reporting of methane emissions data have increased substantially in recent years, indic...
Fuel Observatory, electrification targets and funding call: how the EU plans to deal with Middle East oil crisis
5th May 2026
The AccelerateEU initiative comes against a backdrop of escalating tensions in the Middle East, which have once again exposed Europe’s vulnerability t...
Technical guidance publications
EI 3097
Research Report: Dispersion modelling and calculations in support of EI Model Code of Safe Practice Part 15: Area classification code for installations handling flammable fluids
May 2026
This report provides the findings of additional research to further extend the dispersion modelling and calculation basis of EI Model Code of Safe Pra...
EI 3328
Guidance on the preservation and recommissioning of existing combined cycle gas turbine (CCGT) plant
May 2026
First-generation combined cycle gas turbine (CCGT) plants, introduced in the early 1990s, have increasingly been displaced by higher-efficiency plants...
HM 86. Guidelines for measurement of crude oil loaded at offshore installations
May 2026
The loading of crude oil cargoes on ships offshore (i.e. not alongside a berth) has been a relatively common activity for some years, particularly for...
EI 3323
Guidance for training on emergency decision-making in loss of containment incidents
April 2026
This technical publication outlines the training on front line and managerial safety decision making and dynamic risk assessment in loss of containmen...
Oil Water Liaison group - Information page
April 2026
Oil and Water Liaison GroupThe Oil & Water Liaison Group is an unincorporated body and working group of the Energy Institute which acts as a forum for...
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