Petroleum available for consumption in China has shown consistent growth from 2013 to 2023, reaching 76.09 million metric tons in 2023. Notable variations include significant growth in 2015 with a 6.97% year-on-year increase and a sharp decline in growth rate to 0.98% in 2020. The last two years witnessed a year-on-year increase of 3.58% in 2022 and 3.42% in 2023. The compound annual growth rate (CAGR) from 2018 to 2023 was 3.61%.
Future trends to watch for:
- Forecasted 5-year CAGR of 2.36%, indicating a slowing growth rate compared to historical data.
- Expected total growth of 12.38% over the next 5 years, with consumption reaching 88.31 million metric tons by 2028.
- Monitoring the impact of sustainability initiatives and energy transitions on petroleum demand.
- The potential influence of geopolitical factors and economic policies on petroleum supply and consumption patterns.