China's oil consumption has shown a robust increase from 2013 to 2019, growing from 10.56 million barrels per day in 2013 to 14.32 million barrels per day in 2019. This represents substantial annual growth rates with a CAGR of 5.38% up to 2019. However, the pace of growth decelerated considerably in recent years, with consumption reaching 14.29 million barrels per day by 2022. Notably, there was a minor decline of 4.02% in oil consumption from 2021 to 2022.
In 2023, oil consumption in China marginally increased by 0.91% to 14.42 million barrels per day. Forecasts for the upcoming years show a modest growth trend, with oil consumption expected to reach 14.64 million barrels per day by 2028. The forecasted CAGR from 2023 to 2028 is projected at approximately 0.23%, indicating a relatively slow growth rate compared to previous years.
Future trends to watch for include potential shifts in China's energy policy towards greener alternatives, which may further impact oil consumption. Economic fluctuations and advancements in technology within the energy sector could also drive significant changes in the forecasted consumption patterns.
