Oil consumption in Argentina has experienced various fluctuations over the past decade. In 2023, consumption stood at 1.38 Exajoules. Historical data shows notable declines in 2020 with a year-on-year decrease of 10.44% following earlier downward trends. However, post 2020, a substantial rebound in 2021 saw a year-on-year increase of 24.18%. By 2023, the year-on-year growth rate was 0.36%, with a 1.61% CAGR over the last five years reflecting a slow recovery trend.
Regarding future trends, the forecasted data from 2024 to 2028 indicates a nominal annual growth with a predicted 5-year CAGR of 0.3% and an overall forecasted growth rate of 1.51%. It will be crucial to monitor the effects of global oil market dynamics, domestic energy policies, and the shift towards renewable energy sources on Argentina's oil consumption patterns.
