Based on the forecasted data, oil consumption in the Philippines is expected to increase from 0.91 Exajoules in 2024 to 0.95 Exajoules by 2028. This represents a stable growth pattern of approximately 1.1% yearly. In 2023, the actual oil consumption stood at 0.90 Exajoules. Comparing 2024 to 2023, the year-on-year variation is about 1.1%, with the same yearly increase expected consistently until 2028. The Compound Annual Growth Rate (CAGR) over the five-year forecast period is also around 1.1%.
Future trends to watch for include the potential impact of the Philippines' energy policies on oil consumption, the adoption of renewable energy sources, and changes in global oil prices. Additionally, economic developments and population growth could also influence oil demand in the region.
