In 2023, China's consumption of crude oil for processing petroleum, coking, and processing nuclear fuel stood at 73.85 million metric tons. The forecast from 2024 to 2028 indicates a steady increase in consumption, starting at 76.71 million metric tons in 2024 and reaching 88.13 million metric tons by 2028. The average annual growth rate over this period is approximately 3.4%.
Year-on-year growth rates for each of the forecast years are as follows:
- 2024: 3.9%
- 2025: 3.8%
- 2026: 3.6%
- 2027: 3.4%
- 2028: 3.3%
Future trends to watch for include technological advancements in refining and processing, shifts towards greener energy alternatives, and changes in government policies regarding energy consumption and environmental impact. Monitoring these factors will be crucial for predicting future consumption patterns.
