In 2023, South Korea's oil consumption stood at 2.89 million barrels per day, showing a year-on-year increase of 1.03%. Over the last two years (2022 to 2023), the oil consumption trends indicate a positive growth with a cumulative increase of approximately 2.52%. Looking at the five-year Compound Annual Growth Rate (CAGR) from 2018 to 2023, we observe a modest average annual growth of 0.62%, reflecting gradual recovery and stability in oil consumption.
Forecasted data indicates that from 2024 to 2028, oil consumption in South Korea is projected to increase from 2.92 to 3.06 million barrels per day, with a five-year forecasted CAGR of 0.93%. This corresponds to an overall growth rate of 4.71% over these five years. The anticipated steady rise highlights sustained energy demand and economic activity.
Future trends to watch for:
- Potential shifts towards renewable energy sources and their impact on oil demand.
- Changes in global oil prices and their influence on South Korean consumption patterns.
- Government policies and regulations concerning energy consumption and environmental sustainability.
- Technological advancements in energy efficiency and their role in shaping future oil consumption trends.
