The forecasted crude oil consumption in China’s industry shows a steady increase from 81.48 Ten Million Metric Tons in 2024 to 93.19 Ten Million Metric Tons in 2028. Compared to the actual consumption in 2023, these values indicate a growing demand for crude oil in industrial applications. Year-on-year, the consumption is expected to increase by approximately 3.7% from 2024 to 2025, 3.5% from 2025 to 2026, 3.3% from 2026 to 2027, and 3.2% from 2027 to 2028. The CAGR over this five-year period is approximately 3.4%, reflecting a consistent upward trend.
Future trends to watch for:
- China's industrial growth and its correlation with crude oil consumption.
- Impact of government policies towards energy consumption and potential shifts towards renewable energy sources.
- Global crude oil market volatility and its effects on import and pricing strategies.