The forecast for China's average daily crude oil consumption from 2024 to 2028 indicates a steady increase from approximately 222.89 million metric tons in 2024 to 255.61 million metric tons by 2028. Compared to 2023, where the consumption stood at about 215 million metric tons, these forecasts represent a continuing growth trend.
Year-on-year percentage increases are as follows:
- 2024: 3.67%
- 2025: 3.70%
- 2026: 3.55%
- 2027: 3.42%
- 2028: 3.28%
The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is approximately 3.52% annually.
Future trends to watch include technological advances in renewable energy, governmental policy shifts towards sustainability, and potential economic fluctuations which could impact crude oil consumption patterns in China.
