Key Market Indicators
Portugal's energy consumption is projected to decline, reaching approximately 0.86 exajoules by 2028, down from 0.92 exajoules in 2023. This marks a year-on-year decrease of about 1%. Historically, the country's energy demand has been on a downward trend, decreasing at an average annual rate of 3.7% since 1970. In 2023, Portugal was ranked 59th globally in energy consumption, just behind Hungary, which consumed around 0.92 exajoules. The top spots in this ranking were held by the United States, India, and Russia, in second, third, and fourth positions, respectively. On the supply side, Portugal's energy production is also expected to drop. By 2028, the country's energy supply is forecasted to hit 17.5 million tonnes of oil equivalent, down from 19.1 million tonnes in 2023. This represents an average annual decline of 1.3%. Since 1965, Portugal's energy supply has decreased by 2.8% annually. In the global ranking for energy supply in 2023, Portugal was positioned at 16th place, with Morocco surpassing it by matching Portugal's 19.1 million tonnes of oil equivalent. Leading the rankings were France, Saudi Arabia, and the United Kingdom, occupying the second, third, and fourth spots respectively.
