In 2023, Russia led global support for fossil fuel production, deploying approximately $14.43 billion USD. Other significant contributors included India at $9.15 billion and Mexico with a sharp rise to $6.82 billion, showing notable year-over-year growth. The UK increased its support modestly, whereas the United States and Canada provided more stable funding. Conversely, countries like Norway and the Netherlands saw a decline in their support, with the latter experiencing a notable decrease of 9.33%.
Looking ahead, initiatives towards sustainability and renewable energies could influence a reduction in support levels, particularly in countries emphasizing clean energy transitions. Regulatory changes and geopolitical factors will also play critical roles in shaping future support dynamics.
Top countries in Total Support on Petroleum for Fossil Fuel Production by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 14,430 | 2023 | +14.19% | -2.92% | View data |
| 2 | 2 India | 9,150 | 2023 | +6.82% | +6.61% | View data |
| 3 | 3 Mexico | 6,820 | 2023 | +20.07% | +142.93% | View data |
| 4 | 4 United Kingdom | 3,340 | 2023 | +5.37% | +13.37% | View data |
| 5 | 5 China | 2,130 | 2023 | -1.52% | +2.86% | View data |
| 6 | 6 Denmark | 458.66 | 2023 | +20.6% | +37.34% | View data |
| 7 | 7 Indonesia | 415.26 | 2023 | +4.77% | +32.67% | View data |
| 8 | 8 Canada | 369.15 | 2023 | -10.8% | -6.44% | View data |
| 9 | 9 Colombia | 253.72 | 2023 | -0.82% | -3.99% | View data |
| 10 | 10 United States | 65.55 | 2023 | -75.85% | View data |
