Oil consumption in the UAE followed an upward trend from 2013 to 2023, peaking at 1,160 Thousand Barrels per Day in 2023. The annual growth varied significantly: notable highs in 2016 with an 8.97% increase, and lows in 2020 with a 5.84% decrease, reflecting market volatility. The average annual growth rate (CAGR) over the last five years stabilized at 3.27%.

From 2024 onwards, forecasts indicate a gradual increase, reaching 1,330 Thousand Barrels per Day by 2028, with an average annual growth rate of 2.15%. This suggests a steady recovery and growth pattern.

Future trends to watch for:

Global economic conditions affecting oil demand.
Technological advancements and energy policies influencing the shift towards renewable energy.
Geopolitical events impacting oil production and supply chains.