The oil consumption in South Africa is forecasted to increase steadily from 24.62 million metric tons in 2024 to 25.14 million metric tons in 2028. In 2023, oil consumption stood at 24.49 million metric tons. The year-on-year variation shows a consistent increase of approximately 0.5% per year, with a compound annual growth rate (CAGR) of around 0.5% over the forecast period.
Key trends to watch for in the future include:
• Increasing adoption of renewable energy sources which could impact oil consumption growth rates.
• Potential economic fluctuations that could either bolster or diminish fossil fuel demand.
• Policy changes aimed at carbon emissions reduction which may influence oil consumption patterns.
