Forecast: Crude Oil Energy Supply in Germany

The crude oil energy supply in Germany has seen a gradual decline over the past decade. In 2023, the supply stood at approximately 0.9613 million GWh, marking a consistent year-on-year decrease. Specifically, from 2021 to 2022, the supply declined by 1.42%, continuing the negative trend observed since 2020. Over the last five years, the Compound Annual Growth Rate (CAGR) has reflected an average annual decrease of about 1.49%.

Looking ahead, the forecast suggests this declining trend will persist. The forecasted CAGR for the next five years is expected to be around -1.15%, with a projected cumulative reduction of 5.63% by 2028.

Future trends to watch for include:

• Impact of renewable energy initiatives and policies aimed at reducing dependence on fossil fuels.
• Technological advancements in energy efficiency and their effects on crude oil demand.
• Geopolitical factors influencing global oil prices and supply chains.
• Consumer behavior shifts towards greener alternatives and their subsequent impact on oil consumption.