In 2023, oil consumption in Brazil stood at 117.12 million metric tons, showing a modest year-on-year increase of 0.99%. Over the past two years (2022 and 2023), there has been a slight upward trend, with a total growth rate of 2.96%. From 2018 to 2023, the compound annual growth rate (CAGR) was 1.45%, indicating a slow but steady recovery after several years of decline. This long-term trend highlights a period of volatility with spikes and troughs, particularly from 2014 to 2020, marked by significant drops and gradual recovery phases.

Future trends to watch for include:

Projected moderate growth with a 5-year forecasted CAGR of 0.73%, reaching 122.59 million metric tons by 2028.
Potential impact of global economic conditions, technological advancements in energy, and shifts towards renewable resources on oil demand.
Brazil’s domestic policies and infrastructure investments, which could influence the overall consumption patterns.