In 2023, oil consumption in Saudi Arabia was at a notable level, with subsequent forecasts showing a steady increase: 177.77 million metric tons in 2024, rising to 190.14 million metric tons by 2028. This upward trend reflects an average annual growth rate (CAGR) of approximately 1.7% over the five-year period. Year-on-year variations indicate a consistent growth pattern, with increases of around 2.4% from 2024 to 2025, 1.9% from 2025 to 2026, 1.4% from 2026 to 2027, and 1.1% from 2027 to 2028.
Future trends to watch for include potential impacts of global energy transitions, investments in renewable energy sources, and domestic policy shifts aimed at reducing dependency on oil. Additionally, global economic conditions and advances in energy-efficient technologies may influence future oil consumption patterns in Saudi Arabia.
