In 2023, South Korea's oil consumption stood at 124.5 million metric tons. The forecasted data from 2024 to 2028 indicates a consistent increase, with figures ranging from 125.56 million metric tons in 2024 to 128.71 million metric tons in 2028. The yearly variation shows a steady rise: 0.79% in 2024 and 0.78% in 2025. Over the last two years, the growth rate has averaged around 0.79% annually. The Compound Annual Growth Rate (CAGR) for this period suggests an average yearly increase of approximately 0.83%.
Future trends to watch for include technological advancements in energy efficiency, policy shifts towards renewable energy, and potential fluctuations in global oil prices, which could influence consumption patterns in South Korea.
