Key Market Indicators
Iceland's energy consumption is projected to reach 0.24 exajoules by 2028, up from the current 0.23 exajoules in 2023, reflecting an average annual growth rate of 0.9%. Despite this uptick, Iceland's energy demand has seen a historical decline of 1.1% per year since 1970. In 2023, Iceland ranked 72nd globally in energy consumption, with Lithuania surpassing it at 0.23 exajoules. Leading the global rankings were the United States, India, and Russia, in second, third, and fourth places, respectively. In terms of energy supply, Iceland is set to increase its output to 6.5 million tonnes of oil equivalent by 2028, up from 6.14 million tonnes in 2023, also growing at an annual rate of 0.9%. Since 1965, the country's energy supply has seen a modest annual increase of 0.1%. In 2023, Iceland ranked 26th in energy supply, with Slovenia just ahead at 6.14 million tonnes of oil equivalent. France, Saudi Arabia, and the United Kingdom held the second, third, and fourth positions in this category, respectively.
