Saudi Arabia’s oil consumption saw a rise from 6.41 Exajoules in 2013 to 7.41 Exajoules in 2023, reflecting the nation's heavy reliance on oil. Consumption showed significant variation year-on-year, with a notable decline around 2018-2020 due to multiple factors, including global economic shifts and the COVID-19 pandemic. However, there was a recovery phase from 2021 onwards.
Key variations:
- 2019: -6.02% YoY
- 2020: -5.44% YoY
- 2021: +4.58% YoY
- 2022: +7.99% YoY
- 2023: +3.57% YoY
The CAGR over the last five years up to 2023 stands at 0.78%, indicating a slow but steady increase in oil consumption. Going forward, the forecast for 2028 suggests a modest CAGR of 1.23%, reaching values of around 8.09 Exajoules.
Future trends to watch for involve potential impacts of global oil price fluctuations, advancements in renewable energy, and policies aimed at reducing carbon emissions which could moderate the growth in oil consumption.
