Japan's oil consumption stood at 3.25 million barrels per day in 2023. Forecasted data indicates a declining trend: 3.17 in 2024, 3.08 in 2025, 3.0 in 2026, 2.92 in 2027, and 2.84 in 2028. Year-on-year variations show a consistent decline: -2.5% from 2024 to 2025, -2.6% from 2025 to 2026, -2.7% from 2026 to 2027, and -2.7% from 2027 to 2028. The CAGR from 2023 to 2028 indicates an average annual reduction of approximately -2.7%.
Future trends to watch for:
- Increased adoption of renewable energy sources.
- Technological advancements in energy efficiency.
- Government policies on carbon emissions and energy consumption.
- Market fluctuations in global oil prices and supply chains.
