The forecast for production in refined petroleum products in South Korea shows a steady decline from 2024 to 2028, starting at 1.5057 trillion South Korean Wons in 2024 and decreasing to 1.4309 trillion South Korean Wons by 2028. The year-on-year variation reveals a continual contraction, with each year seeing a slight percentage decrease compared to the previous year. Given the data, the compound annual growth rate (CAGR) over the five-year period indicates a modest but consistent decline in production value.
Future trends to watch for include potential shifts in global oil prices, advancements in alternative energy sources, changes in regulatory policies, and economic conditions that might impact demand and production capabilities in the refined petroleum sector. Monitoring these factors will be essential for anticipating any possible deviations from the current forecasted trends.
