As of 2023, Japan's oil consumption stood at 148.9 million metric tons. Forecasted data for 2024 to 2028 show a steady decline in oil consumption, moving from 147.8 in 2024 to 142.6 million metric tons by 2028. This reflects a compound annual growth rate (CAGR) of -0.85% over the five-year period.
Year-on-year variations illustrate a consistent downward trend:
- 2024 vs 2023: -0.74%
- 2025 vs 2024: -1.08%
- 2026 vs 2025: -0.95%
- 2027 vs 2026: -0.82%
- 2028 vs 2027: -0.71%
Future trends to watch for include advancements in renewable energy adoption, stricter environmental regulations, and shifts toward a more sustainable transport infrastructure. These factors are likely to continue influencing the gradual decline in oil consumption.
