Oil consumption in South Africa is projected to increase steadily over the next five years. In 2024, the consumption is forecasted to be 516.94 thousand barrels per day. This figure is expected to rise gradually each year, reaching 528.24 thousand barrels per day by 2028. Compared to consumption levels in 2023, which stood at 514.50 thousand barrels per day, the year-on-year percentage changes demonstrate consistent albeit modest growth.
Specifically, the oil consumption is projected to grow as follows: 0.58% in 2024, 0.57% in 2025, 0.55% in 2026, 0.53% in 2027, and 0.51% in 2028. Over the five-year period, the compound annual growth rate (CAGR) stands at approximately 0.58% per year. This gradual but steady increase in oil consumption reflects a combination of economic expansion, demographic growth, and industrial activity in South Africa.
Future Trends to Watch For:
- Potential impact of renewable energy adoption on oil consumption rates.
- Economic policies and international regulations affecting oil imports and exports.
- Technological advancements improving energy efficiency in industries.
- Geopolitical developments influencing oil prices and supply chains.
- Shifts in consumer behavior towards energy consumption and sustainability.
