Thailand's oil consumption showed a steady increase from 2013 to 2019, but experienced a notable drop in 2020 due to external shocks, such as the COVID-19 pandemic. The consumption recovered gradually over the next few years and stood at 1.29 million barrels per day in 2023, reflecting a modest growth trend. Year-on-year variations indicate recovery from the dip in 2020. Over the last five years, the Compound Annual Growth Rate (CAGR) showed minimal growth, suggesting a stabilization phase.
Looking forward, the forecasted data suggests a continued moderate increase in oil consumption, with the value projected to reach 1.38 million barrels per day by 2028. Key trends to watch for include the impact of energy transition policies, developments in alternative energy sources, and economic growth rate fluctuations which can significantly influence future oil demand in Thailand.
