The forecasted oil consumption in Chile presents a year-on-year increase as follows: from 2024 to 2025, it rises by approximately 1.2%, from 2025 to 2026 by 1.15%, from 2026 to 2027 by 1.13%, and from 2027 to 2028 by 1.11%. In 2023, the actual oil consumption was 403.42 thousand barrels per day. Over the last two years, oil consumption grew at an average annual rate of 1.8%. The compounded annual growth rate (CAGR) over the next five years is anticipated to be around 1.14%.
Future trends to watch for include potential shifts towards renewable energy sources, which could impact oil consumption growth rates. Additionally, policy changes, economic factors, and advancements in energy efficiency technologies may influence the forecasted consumption patterns. Monitoring global oil prices and geopolitical developments would also be essential for understanding and projecting future oil consumption in Chile.
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