Based on the forecast data from 2024 to 2028, China's average daily fuel oil consumption shows a steady increase, beginning at 15.45 million metric tons in 2024 and reaching 16.19 million metric tons by 2028. In 2023, the reported consumption stood at 15.3 million metric tons. Observing a year-on-year rise, the annual growth rate around 1.2% illustrates a persistent upward trend. Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) suggests an average yearly increase of about 1.15%.
Future trends to watch for include potential policy shifts in China towards greener energy sources, which could impact the pace of growth in fuel oil consumption. Additionally, fluctuations in economic activity and international oil prices will be critical factors influencing future consumption patterns.
