Egypt's oil consumption exhibited a moderate upward trend from 2013 to 2023. The period saw fluctuations with significant declines from 2017 to 2020, bottoming out in 2020 at 26.95 million metric tons. The oil consumption rebounded notably afterward, recovering to 39.18 million metric tons by 2023.
Year-on-year variation:- 2022 vs. 2021: Increased by 20.26%- 2023 vs. 2022: Increased by 12.21%
Five-year Compound Annual Growth Rate (CAGR) from 2018 to 2023: 3.3%
Forecasted data suggests a steady increase in oil consumption, reaching 51.34 million metric tons by 2028. The forecasted 5-year CAGR stands at 3.71%, indicating a steady growth trend with an expected overall increase of 19.96% from 2023 to 2028.
Future trends to watch for include potential impacts of global oil price fluctuations, geopolitical factors, and Egypt's economic growth. Additionally, the shift towards renewable energy sources and advancements in energy efficiency might influence the long-term trajectory of oil consumption.
