The forecast for oil consumption in Singapore shows a gradual decline from 2.55 Exajoules in 2024 to 2.43 Exajoules in 2028. In 2023, oil consumption stood at 2.60 Exajoules. This translates to a year-on-year decrease of approximately 1.96% in 2025, 1.20% in 2026, 1.21% in 2027, and 0.82% in 2028. Over the last two years, the average annual decline was around 1.58%. The compounded average growth rate (CAGR) over the five-year period is approximately -1.64% per year.
Future trends to watch for include the potential impact of increased adoption of renewable energy sources, technological advancements in energy efficiency, and shifts in regulatory policies affecting carbon emissions. These factors could further accelerate the decline in oil consumption or modify the existing trend.
