Key Market Indicators
Kuwait's energy consumption is projected to hit 1.7 exajoules by 2028, up from 1.6 exajoules in 2023, marking an average annual growth rate of 0.9%. This comes despite a historical yearly decrease of 0.6% in demand since 1970. In the global rankings for 2023, Kuwait was placed at number 47, just behind the Czech Republic, which registered 1.6 exajoules. Leading the list are the United States, India, and Russia, occupying the second, third, and fourth positions, respectively. On the supply front, Kuwait's energy provision is forecasted to reach 43.2 million tonnes of oil equivalent by 2028, up from 39.7 million tonnes in 2023. This represents a compound annual growth rate (CAGR) of 1.4%. Historically, since 1976, Kuwait's energy supply has increased annually by 2.4%. In 2023, Kuwait ranked 11th globally, with the Czech Republic again just ahead at 39.7 million tonnes of oil equivalent. France, Saudi Arabia, and the United Kingdom ranked second, third, and fourth, respectively, in this category.
