Asia Pacific is the greatest consumer of oil and oil products in the world. In 2024, the region accounted for around ** percent of total oil demand worldwide. This was up from **** percent in 2010 and largely buoyed by greater Chinese oil consumption. Oil consumption in North America, as well as in Europe, experienced a decline in the same time period.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

The consumption of oil has steadily increased over the last three decades, totaling ************ metric tons in 2024, compared to ************ metric tons consumed the previous year. The only decline during this period was observed around the 2008-2009 financial crisis and around the 2020 coronavirus pandemic. Regional oil consumption The United States and China are the countries with the highest oil consumption. Overall, oil consumption worldwide reached a new high in 2023, when it exceeded *********** metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some *** percent. In the United States, high consumption levels were held up by demand for petrochemicals as well as increased industrial production and demand for transportation by trucks. What is crude oil? Crude oil is a mixture of hydrocarbons from plant animal life that was formed under immense pressure. It generally exists in liquid form and can be found in underground pools or reservoirs, in small spaces within sedimentary rocks, and near the Earth’s surface as a tar (also known as oil sands). In turn, crude oil and other hydrocarbons in natural gases are refined to form petroleum products such as gasoline and jet fuel.

Key information about United States Oil Consumption

• United States Oil Consumption was reported at 18,983.557 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 18,862.210 Barrel/Day th for Dec 2022
• US Oil Consumption data is updated yearly, averaging 17,634.400 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 20,531.482 Barrel/Day th in 2005 and a record low of 11,512.436 Barrel/Day th in 1965
• US Oil Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.OIL: Oil: Consumption

Projected oil demand in Asia-Pacific is the highest in the world, at 36.7 million barrels daily in 2020, followed closely by the Americas. Overall global oil consumption is expected to increase in 2020 and has been rising steadily throughout the past two decades.

Countries with high consumption

The United States consumes the most petroleum of any country in the world, and is the driving factor behind the Americas ranking as the region with second-highest petroleum consumption. Brazil and Canada are also among the ten largest petroleum consumers, but on a much smaller scale than the United States. China is the second-largest consumer in the world, followed by India and Japan, making Asia-Pacific the highest consuming region overall.

Largest oil importers

Though Europe consumes about half as much oil as Asia-Pacific or the Americas, the region is the largest importer of oil worldwide. As resources in the North Sea have depleted, oil production in the European Union has declined significantly over the past two decades. Among E.U. countries, Germany has the highest oil consumption.

This dataset provides values for CRUDE OIL CONSUMPTION reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

View yearly updates and historical trends for US Oil Consumption. from United States. Source: Energy Institute. Track economic data with YCharts analytics.

OECD Americas is the region with the greatest oil demand, followed by China. In 2023, daily oil demand in the OECD Americas amounted to 25 million barrels. This figure is set to decrease to 21.5 million barrels by 2050, although it would remain the largest oil consuming region. India is forecast to see the greatest growth in daily oil demand, with figures expected to double by 2050.

Key information about China Oil Consumption

• China Oil Consumption was reported at 16,373.508 Barrel/Day th in Dec 2024
• This records a decrease from the previous number of 16,578.655 Barrel/Day th for Dec 2023
• China Oil Consumption data is updated yearly, averaging 2,965.072 Barrel/Day th from Dec 1965 to 2024, with 60 observations
• The data reached an all-time high of 16,578.655 Barrel/Day th in 2023 and a record low of 215.494 Barrel/Day th in 1965
• China Oil Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.OIL: Oil: Consumption

This dataset contains information about the consumption of oil and gas products for public and industrial segments in Saudi Arabia for 1969-2021. Data from Saudi Central Bank (SAMA). Follow datasource.kapsarc.org and it’s APIs to stay in sync and advance energy economics research.Note:- Blank Fields: Not Available - Natural gas data were separated starting from 2021- Public includes consumption of all sectors except the oil industry.

Crude Oil Consumption: Guangdong data was reported at 66.340 Ton mn in 2022. This records a decrease from the previous number of 67.840 Ton mn for 2021. Crude Oil Consumption: Guangdong data is updated yearly, averaging 30.462 Ton mn from Dec 1990 (Median) to 2022, with 29 observations. The data reached an all-time high of 67.840 Ton mn in 2021 and a record low of 9.129 Ton mn in 1990. Crude Oil Consumption: Guangdong data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBB: Crude Oil Consumption.

Crude Oil Consumption: Fujian data was reported at 25.810 Ton mn in 2022. This records a decrease from the previous number of 28.397 Ton mn for 2021. Crude Oil Consumption: Fujian data is updated yearly, averaging 5.483 Ton mn from Dec 1995 (Median) to 2022, with 28 observations. The data reached an all-time high of 28.397 Ton mn in 2021 and a record low of 2.250 Ton mn in 1995. Crude Oil Consumption: Fujian data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBB: Crude Oil Consumption.

Graph and download economic data for Crude Petroleum Consumption, Runs to Stills for United States (M015AAUSM387NNBR) from Jan 1917 to Dec 1948 about petroleum, crude, consumption, and USA.

U.S. Crude Oil Imports

https://www.googleapis.com/download/storage/v1/b/kaggle-user-content/o/inbox%2F8734253%2Fa7802f9fbe1ee0095b2940d3b0fdccd9%2Fcrude-oil-banner.png?generation=1714313995249268&alt=media" alt=""> Background: Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is a fossil fuel that is refined to produce usable products such as gasoline, diesel, and various forms of petrochemicals. The United States imports crude oil from various countries to supplement its domestic production.

Dataset Description

This dataset provides detailed information about U.S. crude oil imports by month for every year from 2009 to 2024. The data includes the country of origin, the U.S. port of entry, the name of the oil company, the type of crude oil, and the volume imported (in thousands of barrels).

File Structure

The dataset is provided in a CSV format with the following columns:

Potential Use Cases

This dataset can be used for various purposes, including: 1. Analyzing U.S. crude oil import patterns: The data can help identify the major countries exporting crude oil to the United States, the most common grades of crude oil imported, and the primary ports of entry. 2. Investigating the impact of crude oil imports on the U.S. economy: By combining this data with other economic indicators, researchers can explore the relationship between crude oil imports and various aspects of the U.S. economy, such as GDP, employment, and inflation. 3. Optimizing supply chain management: Oil companies and refineries can use this data to better understand their supply chains and make informed decisions about sourcing, transportation, and storage of crude oil. 4. Forecasting future trends: By analyzing historical import data, researchers can develop models to forecast future trends in U.S. crude oil imports, which can help inform policy decisions and business strategies. 5. Environmental impact assessment: The data can be used to estimate the environmental impact of crude oil imports, such as the carbon footprint associated with transportation and refining processes.

Overall, this dataset provides a comprehensive overview of U.S. crude oil imports for January 2009, offering valuable insights for researchers, policymakers, and industry professionals interested in the energy sector and its impact on the U.S. economy.

Credits

• This data was sourced from the U.S. Energy Information Administration.
• Image credits: ProGas LLC, Forbes Advisor

The United States and China are the top largest consumers of oil in the world, totaling ********** and ************ barrels per day, respectively. In the last decade, the share of global oil consumption from Europe and North America have begun to decline, whereas consumption levels from Asia Pacific and other regions have risen. As other sources of energy become more cost effective and due to the prominence of new transportation technologies, oil consumption worldwide is expected to reach a peak in the near future. Refining oil Crude oil is refined into petroleum products, such as gasoline and diesel fuel, and used for a wide variety of products, although many refineries focus on transportation fuels. Generally, crude oil feedstocks are processed by an oil production plant and is an essential part of the downstream petroleum industry.

This dataset provides values for CRUDE OIL CONSUMPTION. reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Forecast: Crude Oil Consumption in China 2023 - 2027 Discover more data with ReportLinker!

Crude Oil Market Outlook

According to our latest research, the global crude oil market size stood at USD 2.2 trillion in 2024, reflecting its pivotal role as the backbone of the global energy sector. The market is projected to expand at a CAGR of 4.1% during the forecast period, reaching USD 3.1 trillion by 2033. The demand for crude oil continues to be propelled by robust industrialization, rising transportation needs, and the ongoing expansion of petrochemical industries worldwide. As per our recent analysis, the market’s growth is further fueled by evolving geopolitical dynamics, technological advancements in extraction, and growing energy consumption in emerging economies.

A primary growth factor for the crude oil market is the sustained increase in global energy demand, particularly from rapidly industrializing regions such as Asia Pacific and the Middle East. The transportation sector, which accounts for a significant portion of crude oil consumption, is witnessing steady growth due to rising vehicle ownership, expanding logistics networks, and increasing air travel. Furthermore, the petrochemicals segment is experiencing heightened demand for plastics, fertilizers, and synthetic materials, all of which are derived from crude oil derivatives. This broad-based demand across multiple sectors ensures a stable foundation for the market’s continued expansion.

Technological advancements in extraction and production methods have also played a crucial role in market growth. Innovations such as horizontal drilling, hydraulic fracturing, and enhanced oil recovery techniques have significantly improved the efficiency and cost-effectiveness of crude oil extraction, especially from previously inaccessible reserves. These technological breakthroughs have enabled producers to tap into unconventional sources, such as shale oil and deepwater reserves, thereby increasing overall supply and stabilizing prices. Additionally, digitalization and automation in upstream operations are optimizing production workflows, reducing operational risks, and enhancing safety standards, further bolstering the market’s growth trajectory.

Another notable growth driver is the strategic investments and policy support from governments and private players in oil-rich regions. Countries in the Middle East, North America, and Russia are continuously investing in infrastructure, refining capacity, and exploration projects to maintain their competitive edge in the global crude oil market. Moreover, favorable policy frameworks, such as tax incentives for exploration and production, are encouraging companies to expand their operations. The increasing focus on energy security and diversification of supply sources is also prompting countries to build strategic reserves, further stimulating demand for crude oil.

From a regional perspective, the Asia Pacific region is emerging as the fastest-growing market, driven by surging energy needs in China, India, and Southeast Asia. North America, with its advanced extraction technologies and abundant shale reserves, continues to be a significant contributor to global supply. Meanwhile, the Middle East remains a dominant force due to its vast proven reserves and low production costs. Europe and Latin America are also notable markets, with Europe focusing on refining and importation, and Latin America leveraging offshore discoveries. The interplay of these regional dynamics is shaping the competitive landscape and influencing global market trends.

Type Analysis

The crude oil market is segmented by type into light distillates, middle distillates, and heavy oils. Light distillates, such as gasoline and naphtha, are highly sought after due to their extensive use in transportation and petrochemical manufacturing. The demand for light distillates has been consistently rising, especially in regions with burgeoning automotive industries and expanding urban populations. Their relatively higher yield and ease of processing make them a preferred choice for refineries, contributing to their substantial share in the overall market. Moreover, the ongoing shift towards cleaner fuels is further boosting the consumption of light distillates, as they produce fewer emissions compared to heavier oil types.

Middle distillates, which include diesel, kerosene, and jet fuel, represent another critical segment in the crude oil market. The growth of the aviation sector, coupled with increased freight transportation, is dri

The data set covers all relevant process steps / technologies over the supply chain of the represented cradle to gate inventory with a good overall data quality. Crude oil mix information based on official statistical information. Energy carrier extraction and processing data are of sufficient to good (e.g. refinery) data quality. Inventory is partly based on primary industry data, partly on secondary literature data. The refinery emission data are based on literature and the European Pollutant Emission Register (EPER).

Synonyms: Fuel oil heavy

Technical Purpose: Heavy fuel oil from refinery for combustion in power plants, vessels and combustion engines.

Geographical Representation: EU-15

Forecast: Crude Oil Consumption in Industry in China 2022 - 2026 Discover more data with ReportLinker!