Key Market Indicators
Kuwait's energy consumption is projected to rise to approximately 1.7 exajoules by 2028, up from 1.6 exajoules in 2023. This represents an average annual growth rate of 0.9%. Historically, since 1970, the nation's energy demand has seen an average annual decline of 0.6%. In 2023, Kuwait was ranked 47th globally in energy consumption, with the Czech Republic slightly ahead at 1.6 exajoules. The top spots were occupied by the United States, India, and Russia, ranking second, third, and fourth, respectively. On the supply side, Kuwait's energy production is expected to reach about 43.2 million tonnes of oil equivalent by 2028, rising from 39.7 million tonnes in 2023. This marks an average annual growth rate of 1.4%. Since 1976, the country's energy supply has increased by 2.4% annually on average. In 2023, Kuwait was ranked 11th in terms of energy supply, with the Czech Republic surpassing it at 39.7 million tonnes of oil equivalent. France, Saudi Arabia, and the United Kingdom held the second, third, and fourth positions, respectively.
