From 2013 to 2023, the fuel oil consumption in international maritime bunkers in Spain fluctuated significantly. A peak consumption of 272.38 thousand terajoules occurred in 2014, followed by a downward trend with notable declines, particularly in 2017 and 2020. Recovery attempts were observed across 2021-2023 with small year-on-year increases. By 2023, the fuel oil consumption stood at 222.05 thousand terajoules, marking a modest growth trajectory.
Over the past five years leading to 2023, the Compound Annual Growth Rate (CAGR) indicated a moderate decline at an average of -1.49%. The future outlook from 2024 to 2028 projects a continued decrease with an estimated average yearly decline rate of -1.63%, forecasting a consumption value of 200.49 thousand terajoules by 2028.
Future trends to watch for include advancements in alternative fuels, impending stricter environmental regulations impacting maritime activities, and potential disruptions in global shipping patterns due to geopolitical or economic influences. These factors could significantly affect fuel oil consumption in the international maritime sector in Spain.
