Key Market Indicators
Iceland's energy consumption is projected to reach approximately 0.24 exajoules by 2028, up from 0.23 exajoules in 2023. This represents an average annual growth rate of 0.9%. Despite this increase, Iceland's energy demand has decreased by an average of 1.1% per year since 1970. In the global ranking of energy consumption for 2023, Iceland holds the 72nd position, just behind Lithuania, which stands at 0.23 exajoules. The top positions are held by the United States, India, and Russia, respectively. On the supply side, Iceland's energy supply is expected to rise to 6.5 million tonnes of oil equivalent by 2028, up from 6.14 million tonnes in 2023. This marks an average annual growth rate of 0.9%. Since 1965, Iceland's energy supply has seen a modest annual increase of 0.1%. In 2023, Iceland ranked 26th in energy supply, with Slovenia slightly ahead at 6.14 million tonnes of oil equivalent. Leading the global rankings in energy supply are France, Saudi Arabia, and the United Kingdom.
