Oil consumption in Indonesia stood at 3.11 Exajoules in 2023. Over the past decade, the trend in consumption has shown some fluctuation. From 2013 to 2020, consumption saw several declines, with notable dips in 2015 (down by 4.66%), 2016 (down by 3.53%), and in 2020 (down by 11.99%). However, post-2020, a recovery began, with a significant increase in 2022 (up by 9%) followed by a milder 1.37% increase in 2023. The 5-year CAGR leading up to 2023 was slightly negative at -0.27%, indicating a generally stable, yet slightly declining trend over this period.
Looking ahead, the forecasted data from 2024 to 2028 anticipates a steady increase in oil consumption. The anticipated 5-year CAGR for this period is 1.03%, leading to a cumulative growth of 5.24%. This indicates a moderate, consistent growth in oil consumption over the next five years.
Future trends to watch for:
- Increasing adoption of renewable energy sources and their impact on oil consumption.
- Government policies and regulations aimed at reducing fossil fuel dependence.
- Economic growth and industrialization trends in Indonesia impacting oil demand.
- Technological advancements in energy efficiency and potential reductions in oil consumption as a result.
