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Hungary: Key Forecasts

Key energy and emissions projections are displayed below for a sample of 5 countries. More projections, with a global coverage including 65+ countries are available in Enerdata‘s EnerFuture service.
Total energy | EnerBlue scenario

Total final energy consumption - Hungary

Share of electricity in final consumption - Hungary

Share of fossil fuels in primary energy consumption - Hungary

Electricity | EnerBlue scenario

Final electricity consumption - Hungary

Total electrical capacity - Hungary

Renewables | EnerBlue scenario

Share of renewables in primary energy consumption - Hungary

Share of renewables in electricity generation - Hungary

CO2 emissions | EnerBlue scenario

Total CO2 emissions (incl. industrial processes) - Hungary

CO2 intensity per capita - Hungary

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The Chinese state-owned oil and gas company CNOOC has announced a net production target for 2024 of 700 to 720 million barrels of oil equivalent (mboe), of which production from China will account for 69% and production from overseas 31%. This represents an 8-9% increased compared to the company’s production target for 2023 (650-660 mboe), which was exceeded, as CNOOC estimates net production to be approximately 675 mboe for 2023. In addition, CNOOC announced a net production target of 780-800 mboe for 2025 and 810-830 mboe for 2026.



The US Energy Information Administration (EIA) has published its latest Short-Term Energy Outlook (STEO) in which it forecasts that solar PV will lead the country’s electricity generation growth over the next two years, estimating the planned addition of new solar PV capacity to increase by 36 GW in 2024 and by 43 GW in 2025. With this, the share of solar in total power generation is expected to grow from 4% in 2023 to 6% in 2024 and 7% in 2025, while coal-fired power generation is expected to decline by 9% in 2024 and 10% in 2025 due to a combination of higher costs compared with renewables and the retirement of 12 GW of coal-fired capacity. On the other hand, gas-fired power generation is expected to remain stable during the next two years. Crude oil is estimated to reach new record levels producing 13.2 mb/d in 2024 and more than 13.4 mb/d in 2025. 



The Organization of Petroleum Exporting Countries (OPEC) has published its first assessment of 2025 oil demand levels, forecasting a slowdown in global oil demand. In absolute terms, the OPEC expects global oil demand to grow by 2.25 mb/d in 2024 to 104.36 mb/d (after a 2.46 mb/d growth in 2023) and by 1.85 mb/d in 2025 to 106.2 mb/d. According to the OPEC, oil consumption is expected to be sustained during 2024 by robust demand for air and automotive mobility, as well as a strong activity in industries, construction, and agriculture in non-OECD countries. In countries like China and the Middle East, oil demand is expected to be supported by an increased petrochemical capacity and margins. 



The US Energy Information Administration (EIA) has published its latest Short-Term Energy Outlook (STEO) in which it forecasts that crude oil prices in 2024 will remain similar to those in 2023 and decrease in 2025. New refining capacities commissioned in the United States in 2023 will raise the US operable capacity, easing price pressure on oil products in 2024 and 2025. In addition, new international refining capacities in the Middle East, especially in Kuwait, will contribute to ease international price pressure on gasoline and diesel prices.