Fact Check: Oil is a major source of energy globally.

Fact Check: "Oil is a major source of energy globally."

What We Know

Oil has historically been a dominant source of energy worldwide. According to the International Energy Agency (IEA), oil accounted for 11% of the total growth in global energy supply in 2024. This reflects a significant role in the energy mix, although it is worth noting that the growth rate of oil demand has slowed compared to previous years. In 2024, global oil demand growth was only 0.8%, down from 1.9% in 2023, indicating a deceleration in its consumption as economies transition towards cleaner energy sources like renewables and electric vehicles.

Despite this slowdown, oil remains a crucial energy source, particularly in sectors like petrochemicals and aviation, which continue to drive demand. The IEA report highlights that while renewables have gained a larger share of the energy supply, oil still plays a significant role in meeting global energy needs.

Analysis

The claim that "oil is a major source of energy globally" is supported by substantial data from reputable sources. The IEA's Global Energy Review 2025 provides a comprehensive overview of energy trends, indicating that oil continues to be a significant contributor to the global energy landscape, despite the increasing share of renewables. The report notes that while the growth of oil demand is slowing, it still constitutes a substantial portion of the total energy supply.

Moreover, the World Economic Forum corroborates this by discussing the ongoing reliance on oil and fossil fuels in the global energy mix, even as countries strive to reduce carbon emissions and shift towards more sustainable energy sources. This duality—where oil remains a major energy source while also facing competition from renewables—highlights the complexity of the current energy landscape.

In evaluating the reliability of these sources, the IEA is widely regarded as a credible authority in energy statistics and analysis, making its findings particularly trustworthy. The World Economic Forum also draws on expert insights and data, further supporting the reliability of the information presented.

Conclusion

Verdict: True. The claim that "oil is a major source of energy globally" is substantiated by current data showing that oil still plays a significant role in the global energy supply, despite a gradual shift towards renewable energy sources. The evidence indicates that while oil demand growth is slowing, it remains a critical component of the energy mix, particularly in certain sectors.