Crude oil consumption in China's manufacturing sector stood at 77.61 ten million metric tons in 2023. As we look at the forecasted figures from 2024 to 2028, we observe a steady increase from 80.48 to 92.07 ten million metric tons. The year-on-year variations are as follows: 2025 sees a 3.65% increase, 2026 a 3.50% rise, 2027 a 3.34% increment, and 2028 a 3.21% growth. Over the last two years, the consumption has grown at an average pace of 3.58%. The Compound Annual Growth Rate (CAGR) for the period from 2024 to 2028 is 3.42%.
Future trends to watch for:
- The impact of China's carbon neutrality policies could potentially moderate the growth in crude oil consumption, pushing the manufacturing sector toward greener alternatives.
- Technological advancements in manufacturing processes aiming for improved efficiency and reduced oil dependency.
- Geopolitical factors and international oil prices influencing China's crude oil import strategies.
