In 2023, oil consumption in the Philippines stood at a certain level. Forecasted data shows a steady increase in consumption from 462.36 thousand barrels per day in 2024 to 484.05 thousand barrels per day in 2028. Year-on-year variations are moderate at approximately 1.18% to 1.19%, indicating a stable growth trend. The Compound Annual Growth Rate (CAGR) over the period from 2024 to 2028 is consistent at around 1.19% annually.
Future trends to watch for include the impact of economic growth, which may drive increased oil consumption. Environmental policies and advancements in renewable energy can alter the growth trajectory. Additionally, fluctuations in global oil prices and initiatives for energy efficiency could also influence future oil consumption patterns.
