Key Market Indicators
Spanish energy consumption is projected to reach approximately 5.8 exajoules by 2028, up from 5.8 exajoules in 2023, reflecting a modest annual growth rate of 0.1%. This comes after decades of declining demand, which has seen a yearly average decrease of 0.4% since 1970. In 2023, Spain ranked 18th globally in energy consumption, with Australia surpassing it with 5.8 exajoules. Leading the global rankings were the United States, India, and Russia, occupying the second, third, and fourth spots respectively. Meanwhile, Spanish energy supply is expected to decrease slightly, reaching approximately 118 million tonnes of oil equivalent by 2028, down from nearly 120 million tonnes of oil equivalent in 2023, averaging an annual decline of 0.2%. This continues a longer trend of declining supply, which has seen a yearly reduction of 0.9% since 1965. In 2023, Spain was the sixth-largest energy supplier, with Pakistan narrowly ahead at 120 million tonnes of oil equivalent. France, Saudi Arabia, and the United Kingdom were the second, third, and fourth largest suppliers, respectively.
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