Key Market Indicators
British energy consumption is projected to reach approximately 7.3 exajoules by 2028, down slightly from around 7.3 exajoules in 2023. This marks an average annual decline of 0.1%. Historically, since 1970, British energy demand has decreased by about 2% year on year. In 2023, the United Kingdom ranked 15th globally in energy consumption, trailing behind France, which also recorded around 7.3 exajoules. The United States, India, and Russia occupied the second, third, and fourth positions, respectively. On the supply side, British energy provision is forecasted to fall to roughly 141 million tonnes of oil equivalent by 2028 from nearly 151 million tonnes in 2023, averaging a 1% annual decline. Since 1965, the UK's energy supply has decreased by approximately 3% year on year. In 2023, the United Kingdom was ranked fourth in energy supply, with Saudi Arabia leading the group at nearly 151 million tonnes of oil equivalent. France and Saudi Arabia were ahead of the UK, securing the second and third positions in this ranking.
