Commodities in 2024: A year in infographics

As we look ahead to 2025, S&P Global Commodity Insights looks back at the critical trends that shaped global energy and natural resource markets. From OPEC+ policy considerations to the EU's carbon border adjustment mechanism and soaring demand for jet fuel, these visuals illustrate the dynamic interplay of economics, energy, raw materials and technology.

1. OPEC+ mulls 2025 policy amid market uncertainty

As OPEC+ considers its 2025 policy, it faces challenges such as economic uncertainty and fluctuating Chinese demand. Compliance issues related to overproduction threaten cohesion, while geopolitical tensions in Ukraine and the Middle East complicate oil supply. Additionally, rising output from non-OPEC+ producers reduces the effectiveness of OPEC+ cuts. These factors will be crucial as OPEC+ plans for the future.

Click here to read key updates about OPEC+ Oil Quotas and Geopolitics

2. EU's CBAM spurs industry to hone emissions reporting

The EU carbon border adjustment mechanism aims to enhance emissions reporting and reduce carbon leakage by imposing a carbon import levy on certain goods. Adopted in May 2023, it set out a pathway for importers to report actual embedded emissions. By 2034, the CBAM aims to achieve 100% emissions coverage, impacting sectors such as iron, steel and aluminum.

Click here to read key updates about Emissions and Carbon Intensity

3. Jet fuel demand soars as SAF takes flight

Global demand for jet fuel is projected to reach pre-COVID levels by 2025, driven primarily by a resurgence in air travel. The recovery is expected to be fueled by increasing demand in Asia, which is set to lead to future growth.

Click here to read key updates about Biofuels and Energy

4. Bleak manufacturing forces European petrochemical closures

Petrochemical plant closures in Europe surged in 2023 and continued in 2024 amid declining margins, particularly in aromatics and polymers. A significant number of closures involved key products such as ethylene and propylene.

Click here to read the key updates about Recycled Plastics

5. South America's crop shipping infrastructure expands

Southern hemisphere ports significantly influence global grain and soybean exports, with Brazil and Argentina leading in terminal capacities. This infographic highlights these ports' economic impact and regional contributions to the global agricultural market.

Click here to read key updates about Platts Daily Grains

6. The future of low-carbon hydrogen trade flows

Global low-carbon hydrogen trade is evolving, with key production centers in Australia, India and the Middle East supplying demand in Europe and Asia. Binding agreements ensure compliance and stability, while non-binding agreements allow for flexible collaboration. Additionally, derivatives in the hydrogen market help manage risk and enhance liquidity, supporting the transition to cleaner energy sources and economic growth.

Click here to read key updates about Hydrogen: Beyond the Hype

7. Indonesian projects to boost nickel supply

Indonesia is emerging as a key player in the global nickel market, with estimates pointing to a 44% share in the global market by 2027. The country's production of nickel laterite, along with nickel pig iron and matte, is set to rise significantly, addressing the growing demand from the battery sector while navigating environmental challenges.

Click here to read key updates about Exploration & Production

Note: This retrospective of S&P Global Commodity Insights infographics is provided for reference. Forecasts and other data may have been superseded since the original date of publication.