Global energy import reliance expected to peak by 2034

Global reliance on imported energy is projected to peak by 2034, Oilprice reported from Rystad Energy's annual flagship report. Rystad Energy stated in its fifth edition of Global Energy Scenarios that energy security concerns are accelerating a shift toward electrification. The research firm noted that rapid deployment of various technologies is helping the energy system withstand significant disruptions to energy flows. [1]

The acceleration in electrification comes against the backdrop of two major energy crises over five years, including disruptions tied to the Hormuz crisis. A global fuel crisis in 2026 caused by war in the Middle East led to the closure of the Strait of Hormuz, through which over 20 per cent of world oil trade passes. Attacks on infrastructure in Iran and Gulf Cooperation Council countries created widespread supply disruptions, spiking global prices for petroleum products and liquefied natural gas. [1][9]

In a separate report on fuel markets, Rigzone News cited a statement from market intelligence platform GlobalData showing that global natural gas demand will keep growing through 2035 in every scenario. GlobalData stated that natural gas demand will rise by almost a fifth, with power generation absorbing half of the increase. The company added that an expected supply glut in liquefied natural gas will arrive later than anticipated and that export infrastructure will be the primary binding constraint on supply over the next decade. [2]

Demand for electricity has already shown sharp increases during recent peak periods. CleanTechnica and Energy News Beat both reported that regional transmission organizations in the United States set records for peak electricity demand. CleanTechnica cited EIA-930 data showing that the PJM Interconnection reached a peak hourly load of 162.6 gigawatts on July 2, 2026, which is 1.3 per cent higher than its previous record. [5][7]