From 2013 to 2023, oil consumption in Indonesia exhibited a fluctuating trend, reaching 70.61 Million Metric Tons in 2023. Between 2013 and 2016, usage declined steadily, followed by a period of recovery peaking in 2018. The year 2020 saw a substantial dip, influenced largely by the COVID-19 pandemic, with consumption plummeting by nearly 12%. The subsequent years reflected a recovery trend, closing at a slight increase of 1.37% year-on-year for 2023. Over the past five years leading up to 2023, the Compound Annual Growth Rate (CAGR) registered at approximately -0.28%.
Future projections indicate that from 2024 onwards, oil consumption in Indonesia is expected to continue growing, with an average annual growth rate (CAGR) of 1.03% anticipated over the next five years. The forecasted rise in consumption by 2028 suggests a cumulative increase of approximately 5.25% from 2023 levels.
Future trends to watch for include:
- Impact of renewable energy initiatives on oil consumption.
- Economic growth and industrial activity influencing oil demand.
- Policy changes and environmental regulations affecting consumption patterns.
