In 2023, oil consumption in Canada stood at 98.15 million metric tons. For the forecast period from 2024 to 2028, oil consumption remains steady with only a minimal increase from 98.16 million metric tons in 2024 to 98.17 million metric tons from 2025 onwards. This indicates a year-on-year variation close to 0%, showcasing a plateau in oil consumption growth. The Compound Annual Growth Rate (CAGR) over the five-year forecast period is essentially negligible, highlighting a stagnant trend in overall consumption.
Future trends to watch for include:
- Potential shifts towards renewable energy sources which might impact oil consumption significantly.
- Changes in government policy and regulations aimed at reducing carbon emissions.
- Technological advancements in energy efficiency and alternative fuels.
- Economic fluctuations and their impact on industrial and consumer oil demand.
