In 2023, the actual petroleum consumption in gas production in China stood at 24.5 Ten Thousand Metric Tons. From 2024 onwards, forecasted data shows a steady year-on-year increase in petroleum consumption, rising from 26.69 Ten Thousand Metric Tons in 2024 to 35.51 Ten Thousand Metric Tons by 2028. This indicates a robust annual growth rate each year. The year-on-year variations highlight the following:
- 2024 to 2025: Increase by 9.4%
- 2025 to 2026: Increase by 7.8%
- 2026 to 2027: Increase by 6.7%
- 2027 to 2028: Increase by 5.7%
The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is approximately 7.8% per year.
Future trends to watch for include potential impacts of regulatory changes on energy consumption, advances in alternative energy technologies, and shifts in domestic energy policies aimed at reducing reliance on petroleum. Monitoring these factors will be crucial to understanding the consumption trajectory and its broader implications on the energy sector in China.
