The 2023 analysis of global support for petroleum in electricity production highlights Argentina as a leading spender with $4.13 billion, driven by a significant 6.07% increase. Greece and Portugal followed, showing robust growth rates of 8.2% and 9.38%, respectively. Notably, Italy achieved a remarkable rise of 40.11% despite a lower expenditure base. Conversely, Brazil, Canada, South Africa, Latvia, and Hungary reported declines, notably Latvia with a 29.02% decrease. The United States showed minimal variation, maintaining stability.
Future trends suggest a gradual global shift from petroleum towards renewable energy sources, influenced by environmental policies and cost considerations. This may result in reduced petroleum support, particularly in nations already experiencing declines, as they prioritize cleaner energy solutions.
Top countries in Total Support on Petroleum for Electricity Generation by Country
| # | 10 Countries | Million US Dollars, Constant = 2020 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Argentina | 4,130 | 2023 | +7.63% | +6.07% | View data |
| 2 | 2 Brazil | 1,080 | 2023 | -2.74% | -3.99% | View data |
| 3 | 3 Greece | 832.93 | 2023 | +8.21% | +8.2% | View data |
| 4 | 4 Italy | 85.92 | 2023 | +5.08% | +40.11% | View data |
| 5 | 5 United States | 26.97 | 2023 | -2.45% | -0.0067% | View data |
| 6 | 6 Portugal | 19.32 | 2023 | +8.88% | +9.38% | View data |
| 7 | 7 Canada | 7.48 | 2023 | +0.96% | -0.42% | View data |
| 8 | 8 South Africa | 5.29 | 2023 | -0.3% | -0.78% | View data |
| 9 | 9 Latvia | 0.12 | 2023 | -24.18% | -29.02% | View data |
| 10 | 10 Hungary | 0.12 | 2023 | -30.12% | -15.67% | View data |
