In 2023, Japan's oil consumption stood at 6.5 Exajoules. According to forecast data, the consumption is projected to gradually decline to 6.43 Exajoules in 2024, 6.36 Exajoules in 2025, 6.3 Exajoules in 2026, 6.25 Exajoules in 2027, and 6.2 Exajoules in 2028. This indicates the following year-on-year variations:
- 2024: -1.08%
- 2025: -1.09%
- 2026: -0.94%
- 2027: -0.79%
- 2028: -0.80%
The Compound Annual Growth Rate (CAGR) over the five-year period from 2023 to 2028 is approximately -0.98%, reflecting a consistent, gradual decline in oil consumption.
Future trends to watch for include Japan's ongoing shift towards renewable energy sources, improvements in energy efficiency, and policy changes aimed at reducing carbon emissions, all of which could further influence the decline in oil consumption.
