In 2023, China's crude oil consumption of fuel stood at 55.9 million metric tons, reflecting a year-on-year increase of 1.54%. Over the last two years, from 2021 to 2023, the average annual growth rate (CAGR) was 1.54%. Looking back over the previous five years, from 2018 to 2023, the CAGR was a moderate 2.42%, indicating steady but relatively low growth.
Future projections up to 2028 forecast a CAGR of 1.13%, projecting a total consumption of 60.0 million metric tons by 2028. The forecasted annual growth rate of 5.76% suggests a slight acceleration compared to recent years, signaling cautious optimism about China's fuel demand resilience and economic activities.
Future Trends to Watch For:
- Policies favoring renewable energy and their impact on crude oil demand.
- China's economic performance and industrial activities.
- Global crude oil prices and geopolitical factors affecting supply.
- Technological advancements in fuel efficiency and alternative energy sources.