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.

Author: K Flohaug, educator, Minnesota Alliance for Geographic EducationGrade/Audience: grade 8, high schoolResource type: lessonSubject topic(s): economicsRegion: worldStandards: Minnesota Social Studies Standards

Standard 2. Geographic inquiry is a process in which people ask geographic questions and gather, organize and analyze information to solve problems and plan for the future.

Standard 10. The meaning, use, distribution and importance of resources changes over time.

Objectives: Students will be able to:

1. Analyze patterns of past and present world oil production and consumption to predict future world oil supply and demand.Summary: Students will analyze recent history of world oil production and consumption to identify patterns, which will allow predictions of future supply and demand. Students will then synthesize ways in which the supply and demand of world oil may impact both the future use of this limited resource and the impact it may have on the students as individuals.

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.

Energy Supply and Demand for Crude Oil refer to data for each component of supply and demand for crude oil in Malaysia reported in kilo tonnes of oil equivalent (ktoe)

Crude Oil Supply: EU 27: Production data was reported at 5,628.000 Tonne th in Dec 2019. This records an increase from the previous number of 5,525.000 Tonne th for Nov 2019. Crude Oil Supply: EU 27: Production data is updated monthly, averaging 5,788.000 Tonne th from Jan 2008 (Median) to Dec 2019, with 143 observations. The data reached an all-time high of 8,829.000 Tonne th in May 2008 and a record low of 4,097.000 Tonne th in Aug 2014. Crude Oil Supply: EU 27: Production data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.RB007: Crude Oil Supply and Consumption.

A crude oil supply chart is a graphical representation of the supply of crude oil over a specific period of time. It provides a visual depiction of the various factors that influence the production, imports, exports, and overall availability of crude oil. This article discusses the components of a crude oil supply chart, its ability to indicate the balance between supply and demand, and its importance for oil companies, energy analysts, and investors in making informed decisions in the oil industry.

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for global oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

The global Crude Oil market stood around 4395 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 3.12% during the forecast period until 2032.

Supply and disposition characteristics such as production (fuels include heavy crude, synthetic crude, etc.), input to refineries, exports and others. The data are available at the national and provincial levels. Not all combinations necessarily have data for all years.

European Union Crude Oil Supply: EU 27E: Imports data was reported at 38,263.605 Tonne th in Jan 2025. This records a decrease from the previous number of 40,266.940 Tonne th for Dec 2024. European Union Crude Oil Supply: EU 27E: Imports data is updated monthly, averaging 41,002.500 Tonne th from Jan 2009 (Median) to Jan 2025, with 192 observations. The data reached an all-time high of 46,193.000 Tonne th in Aug 2018 and a record low of 32,654.921 Tonne th in Feb 2021. European Union Crude Oil Supply: EU 27E: Imports data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.RB007: Crude Oil Supply and Consumption. [COVID-19-IMPACT]

This table shows the supply and consumption of petroleum products and crudes as a balance sheet.

Petroleum products include the fuels LPG, motor gasoline and diesel oil. The balance includes products used for processing or consumption in the Netherlands as well as those intended for transit.

Crudes are crude oil, natural gas liquids and additives (intermediates for motor gasoline and transport diesel). Separate balance sheet items are available for feedstocks for processing in the Netherlands and for feedstocks for the transit trade. The difference between the two flows is that import tax is paid for products destined for production in the Netherlands, while it is not paid for transit goods.

The following standard densities are used to convert from kg to liters of Gasoline, Diesel and Autogas delivered including excise duty: Petrol 0.75 kg/l, Diesel 0.836 kg/l and LPG 0.535 kg/l.

This table replaces the next tables:

Crude balance sheet; supply, consumption and stock, 1944 - April 2021 Petroleum products balance; supply, consumption and stock, 1946 - April 2021 Motor fuels; sales in petajoules, weight and volume, 1946 - April 2021

See section 3.

Data available: From January 2015

Status of the figures: - up to and including 2023 definite. - 2024 is revised provisional. - 2025 are provisional.

Changes as of November 26th 2025: Figures added for September 2025.

Changes as of November 18th 2025: Figures for 2025 have been updated. Figures from 2015 up to and including 2024 have been revised. The revision primarily concerns improved data on gas/diesel oil consumption by mobile equipment in the construction and services sectors. These changes amount to a few PJ. This revision has also affected road transport diesel consumption, which from that year onwards is determined as total taxable supply of gas/diesel oil minus supply of taxable gas/diesel oil to other sectors. Similar adjustments have been made for gasoline.

Changes as of Oktober 31st 2025: Figures added for August 2025.

Changes as of September 30th 2025: Figures added for July 2025.

When will new figures be published? Provisional figures: in the second month after the month under review. Definite figures: not later than in the second following December.

This dataset contains oil demand, supply, stocks outlook from 2016-2022. Data from U.S. Energy Information Administration. Follow datasource.kapsarc.org for timely data to advance energy economics research. Price outlook dataset link: EIA - Oil Price Short Term Forecast

Road transportation is the greatest oil demanding sector in OECD (Organisation for Economic Co-operation and Development) member states. In 2023, 49.02 percent of all oil consumed in the OECD was related to motor vehicle usage. By comparison, the petrochemical sector which manufactures plastics, resins, and other petroleum-based products, only made up about an eighth of total demand. U.S. and China by far largest consumers The United States and China are the greatest oil consumers worldwide by a wide margin. In 2023, daily oil consumption in these countries amounted to 19 million barrels and 16.6 million barrels, respectively. Daily global crude oil demand, including biofuels, reached 102.21 million barrels in 2023, up from 99.57 million barrels in 2022. The future road sector Oil is used in numerous manufacturing processes and still accounts for a large chunk of primary energy supply worldwide. It is largely used to produce transportation fuels such as gasoline, diesel, and kerosene. As such, demand is also shaped by a growth or decline in internal-combustion engine vehicle usage and overall economic performance. During the 2020 pandemic, oil demand within the road sector decreased as lockdowns were enforced across the world. With many countries pushing for a wider adoption of electric vehicles, oil demand in the road sector is likely to be further affected going forward.

China Crude Oil Consumption: Industry: EG: Gas Production and Supply data was reported at 0.000 Ton mn in 2010. This records a decrease from the previous number of 0.002 Ton mn for 2009. China Crude Oil Consumption: Industry: EG: Gas Production and Supply data is updated yearly, averaging 0.000 Ton mn from Dec 1998 (Median) to 2010, with 13 observations. The data reached an all-time high of 0.005 Ton mn in 2004 and a record low of 0.000 Ton mn in 2010. China Crude Oil Consumption: Industry: EG: Gas Production and Supply data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.RBB: Crude Oil Consumption.

1. Global oil demand, supply, oil market balance and required amounts of OPEC crude.

European Union Crude Oil Supply: EU 27 excl UK (EU 27E): Production data was reported at 1,299.126 Tonne th in Jan 2025. This records an increase from the previous number of 1,255.975 Tonne th for Dec 2024. European Union Crude Oil Supply: EU 27 excl UK (EU 27E): Production data is updated monthly, averaging 1,859.142 Tonne th from Jan 2009 (Median) to Jan 2025, with 192 observations. The data reached an all-time high of 2,738.000 Tonne th in Jan 2009 and a record low of 1,197.852 Tonne th in Sep 2023. European Union Crude Oil Supply: EU 27 excl UK (EU 27E): Production data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.RB007: Crude Oil Supply and Consumption. [COVID-19-IMPACT]

Netherlands Crude Oil Consumption data was reported at 3,671.000 kg mn in Jul 2020. This records an increase from the previous number of 3,288.000 kg mn for Jun 2020. Netherlands Crude Oil Consumption data is updated monthly, averaging 4,395.000 kg mn from Jan 2013 (Median) to Jul 2020, with 91 observations. The data reached an all-time high of 5,413.000 kg mn in Jan 2020 and a record low of 3,218.000 kg mn in Oct 2013. Netherlands Crude Oil Consumption data remains active status in CEIC and is reported by Statistics Netherlands. The data is categorized under Global Database’s Netherlands – Table NL.RB009: Crude Supply and Consumption.

Introduction:

Crude oil is an essential commodity that is used in almost every aspect of modern life. Its price fluctuations have a significant impact on global economies, especially for countries that heavily depend on oil exports. In this dataset, we will explore the fluctuations of crude oil prices over the past 48 years, from 1974 to 2022, and examine the key factors that have influenced these fluctuations. The dataset provides a valuable resource for researchers and analysts interested in studying the fluctuations in crude oil prices over the past four decades. It can be used to identify patterns and trends in the market, as well as to develop predictive models for future price movements.

This dataset can be used for various purposes, such as:

• Analyzing the trends and fluctuations in crude oil prices over time.
• Identifying the factors that affect crude oil prices, such as supply and demand, geopolitical events, and economic indicators.
• Developing predictive models to forecast crude oil prices.
• Evaluating the impact of crude oil prices on the global economy, energy markets, and individual businesses.

Overall, the Fluctuations of Crude Oil Price dataset is a valuable resource for anyone interested in understanding the dynamics of the global oil market.

The global oil supply chart offers insights into the production and consumption of oil worldwide. It showcases the balance between supply and demand, allows for regional and historical analysis, and aids in forecasting future trends. Experts and policymakers rely on this chart to evaluate the health of the oil market and make informed decisions.