Finland's fuel oil imports have fluctuated significantly over the past decade, with notable peaks and troughs. The highest recorded value in 2014 was a sharp increase of 58.27%. However, imports declined by 50.22% in 2018, marking a significant decrease. More recently, from 2021 to 2023, the values illustrated a moderate increase with a 40.7% year-on-year rise in 2021 followed by a slight decrease and a stabilization at 538.74 thousand tonnes of oil equivalent in 2023.
Looking forward, the forecast for the next five years indicates a gradual decline, with a projected 5-year CAGR of -2.2% and a total forecasted growth rate of -10.54% by 2028. This suggests a steady reduction in fuel oil imports.
Future trends to watch for:
- Potential shifts towards more sustainable energy sources affecting fuel oil demand.
- Market volatility due to geopolitical factors and economic conditions.
- Technological advancements in energy efficiency reducing fuel oil consumption.