Forecast: Oil Consumption in Saudi Arabia

Saudi Arabia's oil consumption experienced a dynamic shift from 2013 to 2023, with notable fluctuations. The consumption ranged from 3.47 million barrels per day in 2013 to 3.93 million barrels per day in 2023. The market saw its highest growth in 2014 with a year-on-year increase of 9.24%, followed by a steady rise until 2016. A decline was observed from 2017 to 2020 due to multiple factors, including economic adjustments. The value began to recover in 2021, culminating in a year-on-year increase of 1.39% by 2023. The five-year CAGR up to 2023 showed a modest 0.3%.

Looking ahead, Saudi Arabia's oil consumption is projected to grow annually at a moderate pace, with a forecasted 5-year CAGR of 1.05% and a 5.34% growth rate up to 2028. Future trends to monitor include advancements in alternative energy sources, governmental policies aimed at economic diversification, and potential shifts in global oil demand that could impact local consumption patterns.