In 2024, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures decreased by around *** percent. Within the period of consideration, the figure peaked at **** million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world. Domestic production U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to **** million barrels per day, while figures in 2008 stood at *** million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of *** billion barrels in 2024. New Mexico was the second largest producer, at a third of Texas’ production. American oil companies As of June 2025, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking ****** and ******** respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move its headquarters further South to its Houston campus) and generated an operating revenue of *** billion U.S. dollars in 2023. This figure represented an increase in comparison to 2021, when the company’s revenue dropped as a consequence of the coronavirus pandemic.

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

The United States consumed 23.5 million barrels of petroleum and petroleum products per day in 2024. This figure represents an increase compared to the previous two years. Overall, petroleum use in the U.S. grew within the period of consideration.

The transportation sector is the greatest consumer of petroleum in the United States. In 2024, it was responsible for the consumption of roughly 13.8 million barrels of petroleum per day. The industrial sector followed, using an average of 5.4 million barrels per day.

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

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.

The United States consumed ******million metric tons of oil in 2024. This represented a slight decrease in comparison to the previous year. Oil consumption in the United States reached a record low in 2020. Liquid fuels are the country's main energy source.

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.

Worldwide consumption for liquid fuels reached 104.34 million barrels per day in July 2025. Figures are expected to increase over the course of the year. In 2025, global crude oil demand was forecast to average some 105.5 million barrels per day. Regional differences For the last few years, liquid fuel consumption has stayed relatively constant across regions. Despite seasonal and economic variances affecting demand patterns, fluctuations have been slight. In Europe, liquid fuel consumption tended to stay below 14 million barrels per day. U.S. still greatest petroleum consumer The United States remains the largest consumer of petroleum. The fossil fuel serves a great array of functions, from being a feedstock in the petrochemical industry to its use as a raw material for transportation fuels. Population numbers, economic size, industry presence, and wealth of its residents all contribute to a country’s need for this commodity. In the U.S., petroleum consumption amounts to around 800 million metric tons.

The average for 2022 based on 190 countries was 145.53 thousand barrels per day. The highest value was in the USA: 4025.57 thousand barrels per day and the lowest value was in Montserrat: 0.09 thousand barrels per day. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

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.

Panama: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Panama de 1980 à 2014. La valeur moyenne pour Panama pendant cette période était de 83.71 thousand barrels per day avec un minimum de 52 thousand barrels per day en 2008 et un maximum de 136 thousand barrels per day en 2014.

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.

Romania: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Romania de 1980 à 2014. La valeur moyenne pour Romania pendant cette période était de 261.03 thousand barrels per day avec un minimum de 188 thousand barrels per day en 2011 et un maximum de 382 thousand barrels per day en 1990.

In Terms of Revenue, Seamless market was the Leading segment with 58.67% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Well Casing was the Leading segment with 34.06% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Onshore was the Leading segment with 58.13% Share of total Oil Country Tubular Goods Market. North America was the dominated region with 34.06% of total revenue market share. The mounting oil and gas industry drives the growth of the oil-country tubular goods market Oil and gas are non-renewable sources of energy. The world has showcased high dependence on oil and gas products to meet and fulfil a wide array of requirements right from personal, to residential, commercial, and industrial needs. Thus, increasing demand and dependency on oil and gas has been estimated which drives the growth of the oil and gas market. The increasing population and growing industrialization further drive the demand for oil and gas products.

According to the study, global petroleum consumption in 2018 was almost 100 million units of barrels per day.
According to U.S. Energy Information Administration in 2021, U.S. petroleum consumption averaged about 19.78 million barrels per day (b/d).

The oil and gas industry plays a vital role in the economy of the associated nations. As all nations are not blessed with oil and gas reservoirs, the blessed nation always has an upper hand when it comes to the distribution of oil and gas among other nations which is directly related to the national economy. Thus, several countries and oil and gas companies are directing themselves toward the exploration and extraction of oil and gas from conventional and unconventional oil resources which required advanced drilling and piping systems

According to American Petroleum Institute, the oil and gas industry’s total impact on US GDP was nearly $1.7 trillion, accounting for 7.9 percent of the national total in 2019 and it supports 10.3 million jobs in the United States

Further emerging trends such as the internet of things, AI, robotics, automation, big-data analytics, blockchain, and other technologies are expected to change the dimensions of oil and gas refineries. The rising deployment of advanced technology such as hydraulic horizontal drilling and fracturing technology is also boosting the growth of the Oil Country Tubular Goods market. Pipeline plays a significant role in the transport of natural gas right from the collection of products from the source to the shipment and storage of oil or liquefied natural gas (LNG). Thus, the mounting oil and gas industry drives the growth of the oil country tubular goods market. Restrain factor for Oil Country Tubular Goods Market

The world is dealing with several nature-related problems such as global warming, depletion of non-renewable resources, etc. Thus, in order to reduce the dependency on non-renewable resources like oil and gas, fossil fuels, etc. several government and nongovernment authorities are promoting the usage of alternative renewable energy sources. Moreover, owing to the high cost associated with exploration, production, import, and supply disruption of oil and gas, several governments are also taking demand restraint measures to reduce oil consumption in the country. As there is mounting usage and acceptance of renewable energy, a reduction in oil and gas consumption is been observed. Thus, the depletion of oil and gas reservoirs and reduced demand for oil and gas may act as a restraining factor for the oil country tubular goods market.

Key opportunity of Market.

Increased interest in offshore oil drilling ventures will create humongous growth opportunities.

Players in the global oil country tubular goods market will be set to reap tremendous revenue as a result of the increased interest of the global oil majors in offshore oil drilling ventures. These ventures involve the exploitation of petroleum reservoirs located beneath the surface of oceans rather than the conventional mainland reservoirs. In the last few years, offshore drilling schemes have gone skyrocketing at an outstanding rate. Most part of the discovered ocean is yet unknown and researchers opine that the top of oceans has tremendous amounts of crucial petroleum reserves. That is why an increased regional governments' as well as private operators' interest came to explore investing in off...

U.S. downstream oil and gas market was valued at USD 18.8 Million in 2023 and is projected to reach USD 20.8 Million by 2031, growing at a CAGR of 6.5% from 2024 to 2031.Increasing Energy Demand: The demand for energy in the U.S. continues to grow, driven by population growth, industrial activities, and transportation. According to the U.S. Energy Information Administration (EIA), the U.S. petroleum consumption in 2023 was approximately 20.25 million barrels per day, highlighting the steady demand for refined products like gasoline and diesel.Technological Advancements in Refining: nnovations in refining technologies, such as hydrocracking and catalytic cracking, are improving efficiency and increasing the production of high-value products. This is driving growth in the downstream sector, with companies like ExxonMobil and Chevron investing in digital and automated refining systems to enhance throughput and reduce costs.Petrochemical Growth: The petrochemical industry is a major contributor to the downstream oil and gas market, as petrochemicals are used in a variety of products, including plastics, fertilizers, and medicines. In 2022, the U.S. produced about 40% of global ethylene, a key petrochemical feedstock, reinforcing the importance of petrochemicals in the downstream value chain.

Tchad: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Tchad de 1980 à 2014. La valeur moyenne pour Tchad pendant cette période était de 1.59 thousand barrels per day avec un minimum de 0.9 thousand barrels per day en 1984 et un maximum de 2.4 thousand barrels per day en 1990.

Honduras: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Honduras de 1980 à 2014. La valeur moyenne pour Honduras pendant cette période était de 28.71 thousand barrels per day avec un minimum de 11 thousand barrels per day en 1981 et un maximum de 53 thousand barrels per day en 2014.

The Global Oil Country Tubular Goods OCTG Pipes Market size was valued at 21.73 USD billion in 2021 and is projected to reach 34.96 USD billion by 2029, exhibiting a 6.21 % during the forecast period.

The Seamless segment dominates the Oil Country Tubular Goods market due to the rising use of seamless tubes in the oil.

The Well casing segment has the highest market share of the Oil Country Tubular Goods market. Market Dynamic Factors for Oil Country Tubular Goods Market Oil and gas are non-renewable sources of energy. The world has showcased high dependence on oil and gas products to meet and fulfil a wide array of requirements right from personal, to residential, commercial, and industrial needs. Thus, increasing demand and dependency on oil and gas has been estimated which drives the growth of the oil and gas market. The increasing population and growing industrialization further drive the demand for oil and gas products.

According to the study, global petroleum consumption in 2018 was almost 100 million units of barrels per day.

According to U.S. Energy Information Administration in 2021, U.S. petroleum consumption averaged about 19.78 million barrels per day (b/d).

The oil and gas industry plays a vital role in the economy of the associated nations. As all nations are not blessed with oil and gas reservoirs, the blessed nation always has an upper hand when it comes to the distribution of oil and gas among other nations which is directly related to the national economy. Thus, several countries and oil and gas companies are directing themselves toward the exploration and extraction of oil and gas from conventional and unconventional oil resources which required advanced drilling and piping systems

According to American Petroleum Institute, the oil and gas industry’s total impact on US GDP was nearly $1.7 trillion, accounting for 7.9 percent of the national total in 2019 and it supports 10.3 million jobs in the United States

Further emerging trends such as the internet of things, AI, robotics, automation, big-data analytics, blockchain, and other technologies are expected to change the dimensions of oil and gas refineries. The rising deployment of advanced technology such as hydraulic horizontal drilling and fracturing technology is also boosting the growth of the Oil Country Tubular Goods market. Pipeline plays a significant role in the transport of natural gas right from the collection of products from the source to the shipment and storage of oil or liquefied natural gas (LNG). Thus, the mounting oil and gas industry drives the growth of the oil country tubular goods market.

Restrain factor for Oil Country Tubular Goods Market

The world is dealing with several nature-related problems such as global warming, depletion of non-renewable resources, etc. Thus, in order to reduce the dependency on non-renewable resources like oil and gas, fossil fuels, etc. several government and nongovernment authorities are promoting the usage of alternative renewable energy sources. Moreover, owing to the high cost associated with exploration, production, import, and supply disruption of oil and gas, several governments are also taking demand restraint measures to reduce oil consumption in the country. As there is mounting usage and acceptance of renewable energy, a reduction in oil and gas consumption is been observed. Thus, the depletion of oil and gas reservoirs and reduced demand for oil and gas may act as a restraining factor for the oil country tubular goods market.

Restraint for Oil Country Tubular Goods OCTG Pipes

Crude Oil Price Volatility hamper the market

The volatility of global crude oil prices. As OCTG pipes are closely associated with upstream oil and gas drilling activity, their demand is also closely related to trends in exploration and production (E&P) capital expenditure. When crude prices decline considerably, oil firms tend to curtail investments in drilling activities, thus resulting in lower demand for OCTG products. This circular dependence causes instability for OCTG pipe manufacturers and their suppliers, especially during times of extended price deflation. It also places downward pressure on profit margins, especially among small- and mid-sized producers who are unable to keep up with changing volumes of orders. In markets such as North America, where shale oil production is extremely responsive to changes in prices, OCTG demand can be sha...

According to Cognitive Market Research, the global FCC Catalyst market size will be USD 3251.6 million in 2025. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1300.64 million in 2025 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 975.48 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 747.87 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2025 to 2033.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 162.58 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2025 to 2033.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 65.03 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2025 to 2033.
Residue is the fastest-growing segment in the FCC catalyst market.

Market Dynamics of FCC Catalyst Market

Key Drivers for FCC Catalyst Market

Surging Petroleum Demand Fuels FCC Catalysts Market Growth

The increasing demand for petroleum-based products will help to drive the future growth of FCC catalysts. Petroleum products are complex mixtures made from crude oil that share similar physical and chemical properties. The fluid catalytic cracking (FCC) catalyst speeds up the chemical reaction, lowering the activation energy in the petroleum refining process. FCC catalyst solutions are used in these processes to convert petroleum crude oil's high-boiling, high-molecular-weight hydrocarbon fractions into valuable petroleum products such as olefinic gases, gasoline, and others. According to the Energy Information Administration, a US-based government agency, total petroleum consumption in the United States averaged approximately 20.28 million barrels per day (b/d) in 2022, with approximately 1.17 million b/d of biofuels—1.002 b/d of fuel ethanol and 0.164 b/d of biodiesel, renewable diesel, and other biofuels combined. This represents a 2% increase over 2021 and a 12% increase over 2020, owing primarily to the US economy's return to pre-COVID-19 activity levels. In general, consumption of nearly all petroleum products in 2022 was higher than in 2021. As a result, the increasing demand for petroleum-based products is propelling the FCC catalyst market.

(Source: https://www.eia.gov/energyexplained/oil-and-petroleum-products/use-of-oil.php)

Growing Energy Demand Drives FC Catalyst Market Growth

Growing energy demand is expected to drive future growth in the FCC catalyst market. Energy demand is the amount of energy required to meet the needs of a specific system, region, industry, or society over a given period. FCC (fluid catalytic cracking) catalysts help to meet energy demand by efficiently converting heavy hydrocarbons into valuable fuels like gasoline and diesel. For instance, in April 2023, the US Energy Information Administration (EIA), a statistical agency of the US Department of Energy, reported that in 2022, electricity consumption for end-use in the United States increased by 2.6% over 2021. Retail electricity sales to the residential and commercial sectors in 2022 were about 3.5% and 3.4% higher than in 2021, respectively. In addition, retail electricity sales to the industrial sector increased by 0.7% in 2022 compared to the previous year. As a result, rising energy demand is driving the expansion of the FCC catalyst market

Restraint Factor for the FCC Catalyst Market

Volatility in crude oil prices will Limit Market Growth

The volatility in crude oil prices is a major impediment to growth in the FCC catalyst market. Crude oil price fluctuations possess a direct impact on the profitability of refining operations, leading to uncertainty in investment decisions. When crude oil prices rise dramatically, refiners may face higher operational costs, resulting in lower demand for FCC catalysts as they seek to cut costs. When prices fall, refineries may choose not to upgrade or invest in new catalyst technologies, which can stymie market growth. All of these factors make it difficult for producers to create effective production and...