Based on the provided data, fuel oil production in Malaysia saw various fluctuations over the analyzed period. In 2023, actual production stood at 2.2605 million metric tons. The last two years showed a year-on-year increase of 13.57% in 2023, following a decrease of -6.06% in 2022. The five-year compound annual growth rate (CAGR) from 2019 to 2023 was -4.2%. Forecasted values from 2024 to 2028 predict a gradual decline in production, with a forecasted five-year CAGR of -2.53% and an overall reduction of -12.03% by 2028.
Future trends to watch for:
- Potential policy changes affecting fuel oil production and consumption.
- Shifts in global oil prices and their impact on Malaysia's production levels.
- Technological advancements and their potential to improve production efficiency.
- Environmental regulations and their influence on fuel oil production.