Key Market Indicators
Saudi Arabia's energy consumption is projected to hit approximately 12.6 exajoules by 2028, up from around 11.7 exajoules in 2023. This marks an average annual growth rate of 1.2%. Historically, since 1970, the nation's energy demand has increased at an average rate of 0.9% per year. In the global context for 2023, Saudi Arabia ranked 11th in energy consumption, with Germany slightly ahead at the same level of 11.7 exajoules. Leading the rankings were the United States, India, and Russia, occupying the second, third, and fourth positions respectively. On the supply side, Saudi Arabia's energy production is forecasted to reach nearly 252 million tonnes of oil equivalent by 2028, rising from about 232 million tonnes in 2023. This represents a compound annual growth rate of 1.3%. Since 1976, the country's energy supply has grown at an average rate of 1.7% per year. In 2023, Saudi Arabia was the third-largest energy supplier globally, with France taking the second spot at the same level of 232 million tonnes of oil equivalent. France, Saudi Arabia, and the United Kingdom held the second, third, and fourth positions in this ranking, respectively.
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