In 2023, Russia was the leader in global petroleum support for fossil fuel production at $36.6 million, followed by India and Mexico. Noteworthy is Mexico's considerable year-on-year growth of 142.93%, while Denmark and Indonesia also saw substantial increases. Conversely, key players like Canada and Norway experienced declines, showing a divergence in support levels. Over the past five years, varying levels of decline in countries such as the Netherlands and Switzerland have been noted, contrasting with the growth seen in India and Greece.
Future trends to monitor include policy shifts towards energy transition, potential reduction in support for fossil fuels, and increasing investments in renewable energy sources. Monitoring geopolitical impacts and environmental regulations will be crucial for forecasting shifts in petroleum support dynamics globally.
Top countries in Total Support on Petroleum for Fossil Fuel Production Share by Country (Million US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 36.6 | 2023 | +14.19% | -2.92% | View data |
| 2 | 2 India | 23.22 | 2023 | +6.82% | +6.61% | View data |
| 3 | 3 Mexico | 17.3 | 2023 | +20.07% | +142.93% | View data |
| 4 | 4 United Kingdom | 8.49 | 2023 | +5.37% | +13.37% | View data |
| 5 | 5 China | 5.41 | 2023 | -1.52% | +2.86% | View data |
| 6 | 6 Denmark | 1.16 | 2023 | +20.6% | +37.34% | View data |
| 7 | 7 Indonesia | 1.05 | 2023 | +4.77% | +32.67% | View data |
| 8 | 8 Canada | 0.94 | 2023 | -10.8% | -6.44% | View data |
| 9 | 9 Colombia | 0.64 | 2023 | -0.82% | -3.99% | View data |
| 10 | 10 United States | 0.17 | 2023 | -75.85% | View data |
