From 2013 to 2023, Mexico's oil consumption has experienced significant fluctuations, declining from 2.17 million barrels per day in 2013 to a low of 1.6 million barrels per day in 2020, followed by a recovery to 2.12 million barrels per day in 2023. The year-on-year variations reveal a mixed trend with periods of both decline and growth, marked by notable drops in 2018 and 2020 and considerable recovery in 2021 and 2022. Over the past five years, the Compound Annual Growth Rate (CAGR) has been 2.04%, indicating positive overall growth.
Looking ahead, forecasts up to 2028 predict a steady but modest increase in oil consumption, with a 5-year CAGR of 0.87% and an overall growth rate of 4.44% by 2028. This forecast suggests a gradual and consistent rise in usage, stabilizing around 2.24 million barrels per day by 2028.
Future trends to watch for include potential shifts in energy policies, technological advancements in energy efficiency and alternative energy sources, as well as economic factors that may influence oil demand. Monitoring these trends will provide deeper insights into the sustainability and direction of Mexico's oil consumption.
