The global total support on petroleum for producers in 2024 reveals significant differences across countries. Russia leads with the highest support at $14.36 billion, followed by Mexico at $12.94 billion. The United Kingdom, despite a 14.4% rise in 2023, remains significantly lower with $3.98 billion. Emerging markets like Indonesia and India have shown substantial growth, with increases of 33.87% and 86.16% respectively in 2023. On the contrary, Brazil and Greece have witnessed declines of over 40% and 23.3%, indicating shifting dynamics in the market.
Future trends to watch include:
- Increased support and growth rates in emerging economies like Indonesia and India, suggesting potential market expansion.
- Potential decline or stabilization in support from traditional strongholds like the U.S., Russia, and Canada, possibly due to policy changes or shifting energy strategies.
- A continued move towards renewable energy sources, which may alter the landscape of petroleum support globally in the long-term.
Top countries in Total Support on Petroleum for Producers by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 14,360 | 2023 | +14.39% | -2.81% | View data |
| 2 | 2 Mexico | 12,940 | 2023 | +28.62% | View data | |
| 3 | 3 United Kingdom | 3,980 | 2023 | +5.1% | +14.4% | View data |
| 4 | 4 Australia | 2,550 | 2023 | +4.7% | +2.62% | View data |
| 5 | 5 China | 2,080 | 2023 | -2.04% | +2.6% | View data |
| 6 | 6 Argentina | 1,440 | 2023 | +9.06% | +10.9% | View data |
| 7 | 7 Indonesia | 434.73 | 2023 | +4.8% | +33.87% | View data |
| 8 | 8 Germany | 285.04 | 2023 | -0.48% | -1.01% | View data |
| 9 | 9 France | 278.96 | 2023 | +10.52% | +2.05% | View data |
| 10 | 10 Denmark | 245.49 | 2023 | +20.21% | +37.3% | View data |
