And I think that’s – the result of all the repositioning of the portfolio, the oil and gas portfolio, what we call high-grading the portfolio, that’s a reality. And we can see that, in fact, in the results as – and I think it’s one of the new TotalEnergies. TotalEnergies was perceived as a defensive shares, I would say, which was, in fact, amortizing the low price of hydrocarbons, but now it’s TotalEnergies is also benefiting from high oil prices. And that’s why we can have a more aggressive distribution policy to our shareholders. At the same time, the result is, of course, because we have – this high grading of the portfolio. It’s a breakeven of the portfolio. It’s – there, again, it’s under ‘25. It was ‘22 and ‘23, but it’s one of the clear strong characteristics of our portfolio and the strategy.
And all that has translated in something which is very new for us. It’s a very low gearing, 5% gearing, so net debt of only $6 billion. And that offer, of course, a lot of capacity to engage in our growth strategy, 5 – more 5 – we want to grow our energy production by more than 5%, 2 to 3 metro carbons and more on the electric side. It’s also offer us a capacity that’s the next cycle to be able to maintain the strategy for cycles and this is what I think shareholders should expect from a company like TotalEnergies. Just a few words about the market we’ll face in ‘24. ‘23 was strong in terms of oil market plus to an increase of more than 2 million barrels of oil per day. Part of it was a recovery of the previously, the COVID recovery, in particular, in jet fuel and aviation and also in China because in ‘22, in fact, China was still under the impact of the COVID, they exited from COVID policies long later than other countries.
And in fact, so 2 million was quite high. The IA is announcing plus 1.2% for ‘24. We share that view, which is people will comment is lower, but in fact, it’s normal. I would say it’s back to normal. When you look to the increase of the oil demand from 2000 to 2023, the average is 1.2% per year. 1.2% per year, by the way, it is the average growth of the population of the planet. So there is direct link because population and oil demand. So it’s back to normality. So some people will comment because China is lower [indiscernible]. In fact, it’s back to normality. There is nothing surprising. And in fact – and so we don’t see still, even if some people want to – want to see a deterioration of your old growth. No, in fact, the reality is that we are back to directing the population growth.
And that’s one of the key challenge for the energy transition. On the supply side, that’s true that we have some non-OPEC countries, particularly in the Americas, it’s the U.S., it’s Brazil. Guyana, which are bringing some new oil. The OPEC is managing that new supply and demand. I would say we have done very well in ‘23, in fact, more or less stabilizing the price around $80 per barrel. Today, probably the market is supported by the geopolitical tensions in the Middle East. That’s true. There is a more bearish thinking. But OPEC is still there, and I think the move of Saudi Arabia, but they are sealing there. Sealing a 12 million barrels per day is contributing to stabilizing this market as well. On the LNG side, I would say, of course, we’ve seen with high prices, a lower growth, but still 6% per year as an average from 15% to 23%.
I’m convinced we will see a good year in ‘24, again, coming back, in particular, we see China. China grew has grown is imposed by 11% in ‘23 compared to ‘22. Not yet at 71 million tons. They are not yet at the level where we are there in ‘21. We are at 81. So there is still room to grow. We see today the Chinese buyer is quite aggressive. You’ve seen them signing a number of long-term contracts. They still have to have a mandate to continue to sign. Some of them, we have ourselves some discussion with some of these players to engage. So they are willing to diversify. By the way, there are source of LNG. And I would not be surprised to see, in particular, when GKM is around $10 per million BTU like it is today. It’s a good driver and I will not be surprised to see China coming back to 80 million tons like they were in ‘21, in ‘24.
At the same time, in the meantime’s, Europe has grown a lot from 65 to 113, 114, 22, 113, imports of LNG because we had to replace the Russian gas so that has been a big shock in the market, which is being absorbed. ‘24, so we don’t – we expect a better demand. In fact, the tension will remain because the LNG capacity increase is limited. Not much new capacities coming on stream. We identified something like 8 million tons part of it being arctic too, which will have a limited market, I would say. So in fact, you have attention in the market. And if any of this plant as a problem like we had report 2 years ago, again, the tension will be come back in the market. So there is not a message on LNG. Prices are lower, good for mark – for demand, in particular, in Asia and China.
Limited additional supply ‘24. And in fact, I think these metrics will be repeated for ‘25 is the same. It’s only by mid-’26, ‘27, but really we’ll see more supply coming on stream. So that’s for the environment, which is globally positive for TotalEnergy. The key targets, you’ve seen the scorecard for ‘23. So what are the key targets for ‘24 in this summer slide summarize it. Upstream production, 2.4, 2.5, plus 2%, excluding Canada. We come back on that. Production costs, it was mentioned, we will consolidate our advantage $5 per barrel. LNG sales above 40 million tons. It’s 30% equity, 40% long-term supplies and 50% spot. So spot of good value of a variation. We will have a good utilization rate in refining because we have lower program of turnarounds.
So we are target 85%. The renewable cost installed capacity will continue to grow. We are under 6 gigawatts per year since last year, and we intend to execute. I remind you that the key meeting we have 35 in mind in ‘25. So we will need to accelerate to 7 gigawatts. But we are on the right pace, I would say, that we wanted to reach. And more importantly to us because it will impact, of course, the results. It’s electricity net production. I will come back on it more than 45 terawatt hour compared to 33 in ‘23. The emissions we want them to continue to go down. So that’s the 38.8 seems to be a little high, but I remind you that when we acquire gas power plant in Texas, it will add some CO2. So it’s a choice. The methane, it’s a strong fight leading the – we are one of the leading company in this site.
