Oil consumption in Argentina exhibited fluctuating trends from 2013 to 2023, peaking in 2015 at 32.76 million metric tons and reaching a low in 2020 at 24.37 million metric tons. The year 2023 recorded a value of 32.06 million metric tons, with a minimal year-on-year increase of 0.36% and an average annual growth rate (CAGR) over the last five years of 1.44%. Notable variations included a significant decrease in 2020 by 10.16% and a robust recovery in 2021, with a 23.2% increase. The forecast from 2024 shows a steady but modest growth, with a CAGR of 0.28% predicted up to 2028, reaching 32.63 million metric tons by then.
Future trends to watch for include the impact of governmental energy policies, potential shifts towards renewable energy sources, and global oil price fluctuations. Additionally, economic conditions and technological advancements in energy efficiency could greatly influence future oil consumption patterns in Argentina.
