The petroleum consumption in China's transport, storage, and post sectors saw consistent growth from 2013 to 2018. However, from 2019 onwards, a decline became evident, culminating in a notable year-on-year drop of 6.69% in 2023 compared to the previous year. The average annual decrease over the last five years was 5.77%. The forecast from 2024 predicts a continued decline, with an anticipated average annual reduction of 6.84% over the next five years, leading to an approximate 29.84% decline in total consumption by 2028 compared to the 2023 figures. In 2023, petroleum consumption stood at 16.89 ten million metric tons.
Future trends might include an increased shift towards alternative energy sources due to environmental policies, advancements in electric vehicle technology, and greater investments in sustainable infrastructure. Monitoring policy changes and technological advancements will be crucial for predicting future consumption trends.
