Key Market Indicators
Ecuador's energy consumption is projected to hit 0.85 exajoules by 2028, up from the current 0.79 exajoules in 2023. This marks an average annual growth rate of 1.1%. Historically, since 1970, the country's energy demand has increased at an average annual rate of 1.3%. In the global rankings for 2023, Ecuador stands at 62nd place, with Bulgaria surpassing it with 0.79 exajoules. Leading the list are the United States, India, and Russia, occupying the second, third, and fourth positions respectively. On the supply side, Ecuador's energy supply is forecasted to reach 17.2 million tonnes of oil equivalent by 2028, up from 16.13 million tonnes of oil equivalent in 2023. This represents a compound annual growth rate (CAGR) of 1.1%. Since 1976, the supply has seen a yearly increase of 2%. In 2023, Ecuador ranked 17th globally in energy supply, just behind Portugal, which also recorded 16.13 million tonnes of oil equivalent. France, Saudi Arabia, and the United Kingdom took the second, third, and fourth spots in the rankings, respectively.
