The analysis of the crude oil energy supply in Belgium shows that in 2023, the supply stood at 402.51 thousand gigawatthours. Reviewing the historical data, the energy supply fluctuated and saw notable decreases, particularly in 2020 with a significant drop of 20.39%. However, there has been a recovery, evidenced by a 4.94% year-on-year increase in 2023.
Over the last five years, the compound annual growth rate (CAGR) illustrates an average annual increment of 0.81%. From 2024 onwards, forecasts indicate a steady rise in supply, reaching 415.41 thousand gigawatthours by 2028, with an expected CAGR of 0.5% over this period.
Future trends to monitor include advancements that could influence crude oil consumption such as shifts towards renewable energy sources, regulatory changes, and technological innovations. Additionally, global geopolitical events will continue to impact crude oil markets significantly, potentially altering supply and demand dynamics in Belgium.
