China's forecasted oil consumption shows a marginal decline from 659.83 million metric tons in 2024 to 655.22 million metric tons by 2028. This follows a downtrend, indicating a gradual reduction in oil usage, which may be influenced by transitioning to renewable energy, efficiency improvements, or economic factors. In 2023, the consumption stood at 661 million metric tons. - From 2024 to 2025: -0.19% - For 2026: -0.18% - For 2027: -0.17% - For 2028: -0.16%
The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is approximately -0.18%, signifying a consistent but slight annual decrease in oil consumption.
Future trends to watch for include the impact of China's policies on renewable energy adoption, the advancements in electric vehicle technology, and any significant economic shifts that could affect energy demand.