Oil consumption in Singapore has fluctuated significantly over the past decade. From 2013 to 2018, consumption grew consistently, peaking at 1.34 million barrels per day in 2018. However, from 2019 onwards, there has been a decline, with 2023 standing at 1.17 million barrels per day. This decline is projected to continue, with the forecast for 2028 being 1.09 million barrels per day. The year-on-year variations show a general downward trend in the most recent years, with a notable decline in the compound annual growth rate (CAGR).
Future trends to watch for include:
- Diversification into renewable energy sources
- Government policies aimed at reducing carbon emissions
- Technological advancements in energy efficiency
- Economic factors impacting industrial demand
- Global oil market fluctuations
