Based on the provided data, the projected oil consumption in Singapore for the year 2024 is 60.36 million metric tons, marking the start of the forecasted period. The values for subsequent years are 59.44 million metric tons in 2025, 58.71 in 2026, 58.12 in 2027, and 57.64 in 2028. This represents a continual decrease in oil consumption over these years. In 2023, the actual oil consumption stood at 61.22 million metric tons.
Examining the year-on-year variations:
- From 2024 to 2025: A 1.52% decrease.
- From 2025 to 2026: A 1.23% decrease.
- From 2026 to 2027: A 1.00% decrease.
- From 2027 to 2028: A 0.83% decrease.
Considering the last two years:
- From 2023 to 2024: A 1.41% decrease.
- From 2022 to 2023: A 1.55% increase.
The compound annual growth rate (CAGR) over the last 5 years shows an average yearly reduction in oil consumption of 1.14%.
Future trends to watch for include shifts towards renewable energy, government policies aimed at reducing carbon emissions, and advances in technology that may further decrease oil dependency. Monitoring these factors is crucial as they will impact Singapore's oil consumption trajectory significantly.
