The oil consumption in South Africa showed significant variability from 2013 to 2023, starting at 1.15 Ej and standing at 1.07 Ej in 2023. Between 2013 and 2023, the year-on-year variations fluctuated, with notable declines during years of economic downturns, such as -18.03% in 2020. The 5-year CAGR prior to 2023 was -2.19%, indicating a general downward trend in oil consumption.
Looking ahead, forecasts from 2024 onwards predict a moderate increase, with South Africa's oil consumption expected to reach 1.1 Ej by 2028. The forecasted 5-year CAGR from 2023 to 2028 is 0.43%, reflecting a more stable but slow growth rate.
Future trends to watch for include potential impacts of energy transition policies, advancements in renewable energy technologies, and shifts in economic activities that could influence oil demand.
