Top 10 oil, gas developments of 2025

Here is my list of the most significant global, regional and national stories about oil and gas energy in 2025.

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The first seven are global and regional, the next three are national.

One, global oil consumption keeps rising despite anti-fossil fuel narratives. World consumption (in million barrels per day) expanded from 30.9 in 1965 to 59.3 in 1985, 84.2 in 2005, 93.3 in 2015, 103.8 in 2024 and 105.5 in the third quarter (Q3) 2025. The largest demand in 2025 is the US with 20.9 followed by China with 17.1 and Europe with 13.9.

Two, world oil prices are fluctuating with current prices similar to nearly two decades ago. Dubai crude oil nominal prices (in US$ per barrel) increased from 1.90 in 1972 to 10.70 in 1975 or a fivefold increase, then tripled to 35.69 in 1980, declined to 20.21 in 1990, 26.27 in 2000, 77.78 in 2010, the all-time high of 109.06 in 2012, 96.38 in 2022, 79.61 in 2024 and 64.84 in October 2025. (Sources: 1965 to 2022 from Energy Institute Stat. Review of World Energy (EI-SRWE) 2025; 2024 and 2025 from OPEC Monthly Oil Market Report, November 2025).

Three, global gas demand also keeps rising despite anti-hydrocarbon narratives. Consumption (in billion cubic meters) increased from 630 in 1965 to 1,626 in 1985, 2,744 in 2005, 3,476 in 2015, 4,128 in 2024 and a projected 4,193 in 2025. The largest consumers in 2024 were: the US with 902, Russia with 477 and China with 434.

Four, liquified natural gas global prices are also fluctuating. Japan LNG prices (in US$ per million BTU) declined from 5.10 in 1984 to 3.45 in 1992, then 4.09 in 2002, 16.17 in 2012, 16.86 in 2022 (Russia-Ukraine war started), 11.73 in 2024 and 11.83 in October 2025. (Sources: EI-SRWE 2025, Platts).