Oil consumption in Malaysia stood at 873.5 Thousand Barrels Per Day in 2023. Forecast data indicates an increase to 887.64 in 2024, a 1.6% year-on-year rise. By 2025, consumption is projected to reach 900.56, showing a 1.5% increase. The trend continues with 913.36 in 2026, marking a 1.4% rise, followed by 926.04 in 2027 with a 1.4% increase, and finally 938.6 in 2028, a 1.3% rise. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is approximately 1.4%.
Future trends to watch for:
- Technological advancements in renewable energy which could impact oil consumption.
- Government policies on energy efficiency and carbon emissions.
- Global oil price fluctuations and their effects on domestic consumption.
