Oil consumption in Australia experienced a mixed trend from 2013 to 2023. After a period of relative stability from 2013 to 2016, consumption saw a modest increase in 2017 and 2018, only to dip again in 2019. The most significant decline occurred in 2020 due to the impacts of the COVID-19 pandemic, which led to a drop in consumption by approximately 14%. Post-pandemic recovery began in 2021 and continued in 2022, with notable increases in consumption. By 2023, the oil consumption stood at 1.01 million barrels per day, showing a slight year-on-year increase of 0.46%. Over the last five years from 2018 to 2023, the compound annual growth rate (CAGR) stood at -1.2%.
Looking forward, the forecasted data suggest a stable outlook with minor increases in oil consumption, expected to reach 1.03 million barrels per day by 2028. The forecasted five-year CAGR from 2023 to 2028 is 0.33%, indicating modest growth.
Future trends to watch for include:
- Potential shifts towards sustainable energy sources impacting oil demand.
- Economic recovery and industrial growth influencing oil consumption.
- Government policies and technological advancements in energy efficiency.
