Crude oil consumption in China was recorded at 77.75 ten million metric tons in 2023. Forecasted data from 2024 to 2028 indicate a steady increase in consumption: 81.44 ten million metric tons in 2024, 84.4 in 2025, 87.34 in 2026, 90.24 in 2027, and 93.12 in 2028. The year-on-year percentage variation reflects a consistent growth:
Variations:
- 2023-2024: 4.75%
- 2024-2025: 3.63%
- 2025-2026: 3.48%
- 2026-2027: 3.32%
- 2027-2028: 3.19%
The Compound Annual Growth Rate (CAGR) over the period from 2024 to 2028 is approximately 3.67%, showing a robust upward trend in oil consumption.
Future trends to watch for include China's energy policy shifts towards renewable sources, potential impacts of global oil price fluctuations, economic growth patterns, and advancements in energy efficiency technologies, all of which could influence future oil consumption dynamics.