Oil consumption in the UAE experienced several fluctuations between 2013 and 2023, with notable dips in 2017, 2018, and 2019. In 2020, a significant drop likely due to the COVID-19 pandemic was evident. Recovery started in 2021, reaching a peak in 2022 with a substantial year-on-year increase of 14.11%. As of 2023, oil consumption stood at 51.61 million metric tons, showing a moderate rise of 2.66% from the previous year and an average annual growth (CAGR) of 3.41% over the last five years.
Looking ahead, the forecast from 2024 to 2028 suggests a steady increase in oil consumption, with a projected five-year CAGR of 1.91% and overall growth of 9.94% during this period. Factors to watch include advancements in renewable energy, changes in regulatory policies, and economic diversification efforts in the UAE.
