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.

Diesel and gasoil are the most in-demand oil products worldwide. In 2023, diesel and gasoil demand reached 29 million barrels per day. This was closely followed by gasoline.By 2040, gasoline demand is forecast to climb to nearly 30 million barrels per day compared with 32.2 millio barrels for diesel and gasoil. The use of petroleum products in daily life Crude oil serves as a feedstock for a great variety of industrial products. While transportation fuels such as gasoline and diesel are the most common examples used when referring to petroleum products, synthetic materials such as plastic packaging and many pharmaceutical drugs are also oil- and natural gas-based. In 2022, the global market value of petrochemicals stood at an estimated 584.5 billion U.S. dollars and was forecast to grow to over one trillion U.S. dollars by 2030. In a world where convenience often trumps the more environmentally friendly choice, petroleum products, particularly of the non-heavy variety, are expected to continue being in high demand. Oil demand shaped by economic activity As oil use is so widespread, changes in oil demand are usually an indication of developments in the wider economy, in particular changes to GDP growth as was the case in 2020. In the last two years, global liquid fuels consumption generally increased alongside economic activity and is expected to reach 104.7 million barrels per day by mid-2025.

This dataset contains information about World Oil Demand for 2000-2021. Data from Saudi Central Bank (SAMA). Follow datasource.kapsarc.org and it’s APIs to stay in sync and advance energy economics research.* Including primary stock, bunker and refining oil.

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

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.

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.

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 global demand for oil liquids dropped in 2020 as a result of the COVID-19 pandemic, which heavily disrupted mobility around the world. The aviation industry was hit especially hard, with jet fuel demand falling by more than 50 percent in 2020 compared to 2019. As air travel begins to recover, it is expected that by 2022 jet fuel demand will have increased to 5.4 million barrels per day. However, this is still below pre-pandemic levels. In comparison, road fuel demand is expected to get back to pre-pandemic levels sooner, having fallen from 47.4 million barrels per day in 2019 to 41.3 million barrels per day in 2020.

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

Mexico Fuel Oil: Demand: Coahuila data was reported at 0.011 Barrel/Day th in 2018. This records a decrease from the previous number of 0.019 Barrel/Day th for 2017. Mexico Fuel Oil: Demand: Coahuila data is updated yearly, averaging 0.026 Barrel/Day th from Dec 2014 (Median) to 2018, with 5 observations. The data reached an all-time high of 3.698 Barrel/Day th in 2014 and a record low of 0.011 Barrel/Day th in 2018. Mexico Fuel Oil: Demand: Coahuila data remains active status in CEIC and is reported by Secretary of Energy. The data is categorized under Global Database’s Mexico – Table MX.RB017: Fuel Oil Demand.

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

Oil & Gas Market Outlook

According to our latest research, the global oil & gas market size reached USD 7.3 trillion in 2024, reflecting the sector’s enduring significance in the global economy. The industry is projected to grow at a CAGR of 4.1% from 2025 to 2033, with the market forecasted to attain a value of USD 10.6 trillion by 2033. This steady growth is primarily driven by increasing energy demand, ongoing industrialization in emerging economies, and the evolution of extraction and processing technologies. The oil & gas market continues to be a cornerstone of global energy supply, with its outlook shaped by dynamic factors such as geopolitical developments, regulatory changes, and the transition towards cleaner energy sources.

One of the most prominent growth factors in the oil & gas market is the persistent rise in global energy demand, particularly from rapidly developing economies in Asia and Africa. As urbanization accelerates and populations expand, the need for reliable energy sources intensifies, placing oil and gas at the forefront of energy consumption. Additionally, the transportation sector, which remains heavily reliant on petroleum-based fuels, continues to drive demand. Despite the increasing adoption of renewable energy, the oil & gas sector remains indispensable, especially for industries where alternative energy sources are not yet viable at scale. This ongoing demand, coupled with strategic investments in infrastructure and technology, underpins the sector’s robust growth trajectory.

Technological advancements have played a pivotal role in enhancing the efficiency and productivity of the oil & gas industry. Innovations such as hydraulic fracturing, horizontal drilling, and advanced seismic imaging have unlocked previously inaccessible reserves, particularly in unconventional resource basins. These advancements have not only increased the recoverable resources but have also contributed to cost reductions and improved environmental management. The integration of digital technologies, including artificial intelligence and IoT, has further optimized operations, from exploration and drilling to refining and distribution. As companies continue to invest in R&D, the sector is poised to benefit from improved operational efficiencies and reduced environmental impact, fostering sustainable growth.

The oil & gas market is also influenced by evolving regulatory landscapes and environmental considerations. Governments worldwide are implementing stricter emissions standards and incentivizing the adoption of cleaner technologies. While this presents challenges, it also drives innovation within the sector, encouraging the development of low-carbon solutions such as carbon capture and storage (CCS) and the integration of hydrogen into existing infrastructure. Companies that proactively adapt to these regulatory changes are better positioned to capitalize on emerging opportunities, ensuring long-term competitiveness and market relevance. The interplay between regulation, sustainability, and technological innovation is shaping the future direction of the oil & gas industry.

Regionally, the oil & gas market exhibits significant variation in growth patterns and investment priorities. The Middle East continues to dominate in terms of proven reserves and production capacity, while North America leads in unconventional resource development, particularly shale oil and gas. Asia Pacific is emerging as a major demand center, driven by robust economic growth and industrialization. Europe, meanwhile, is focusing on energy transition strategies, balancing the need for energy security with decarbonization goals. This regional diversity underscores the complex and interconnected nature of the global oil & gas market, with each region navigating unique challenges and opportunities.

Sector Analysis

The oil & gas market is traditionally segmented into three primary sectors: upstream, midstream, and downstream. The upstream sect

Indonesia Energy Balance: Secondary: Total Oil Products: Gas or Diesel Oil: Demand data was reported at 7,401.000 Barrel/kton in Feb 2025. This stayed constant from the previous number of 7,401.000 Barrel/kton for Jan 2025. Indonesia Energy Balance: Secondary: Total Oil Products: Gas or Diesel Oil: Demand data is updated monthly, averaging 7,400.000 Barrel/kton from Jan 2002 (Median) to Feb 2025, with 278 observations. The data reached an all-time high of 7,403.000 Barrel/kton in Aug 2020 and a record low of 0.000 Barrel/kton in Dec 2016. Indonesia Energy Balance: Secondary: Total Oil Products: Gas or Diesel Oil: Demand data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Indonesia – Table ID.JODI.WDB: Energy Balance: Oil. For automotive and other purposes; Demand of Finished Products only. Demand of finished products: Deliveries or sales to the inland market (domestic consumption) plus Refinery Fuel plus International Marine and Aviation Bunkers. Demand for Other oil products includes direct use of Crude oil, NGL, and Other.

Mexico Fuel Oil: Demand data was reported at 18.643 Barrel/Day th in 2018. This records a decrease from the previous number of 20.370 Barrel/Day th for 2017. Mexico Fuel Oil: Demand data is updated yearly, averaging 35.721 Barrel/Day th from Dec 2014 (Median) to 2018, with 5 observations. The data reached an all-time high of 146.230 Barrel/Day th in 2014 and a record low of 18.643 Barrel/Day th in 2018. Mexico Fuel Oil: Demand data remains active status in CEIC and is reported by Secretary of Energy. The data is categorized under Global Database’s Mexico – Table MX.RB017: Fuel Oil Demand.

Belize Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data was reported at 0.000 Barrel th in Dec 2022. This stayed constant from the previous number of 0.000 Barrel th for Nov 2022. Belize Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data is updated monthly, averaging 0.000 Barrel th from Jan 2002 (Median) to Dec 2022, with 252 observations. The data reached an all-time high of 0.000 Barrel th in Dec 2022 and a record low of 0.000 Barrel th in Dec 2022. Belize Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Belize – Table BZ.JODI.WDB: Energy Balance: Oil. Heavy residual oil/boiler oil, including bunker oil; Demand of Finished Products only. Demand of finished products: Deliveries or sales to the inland market (domestic consumption) plus Refinery Fuel plus International Marine and Aviation Bunkers. Demand for Other oil products includes direct use of Crude oil, NGL, and Other.

Key information about China Oil Consumption

• China Oil Consumption was reported at 16,576.537 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 14,969.983 Barrel/Day th for Dec 2022
• China Oil Consumption data is updated yearly, averaging 2,965.072 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 16,576.537 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

Global Olive Oil Demand by Country, 2023 Discover more data with ReportLinker!

Mexico Fuel Oil: Demand: Durango data was reported at 1.747 Barrel/Day th in 2018. This records a decrease from the previous number of 1.906 Barrel/Day th for 2017. Mexico Fuel Oil: Demand: Durango data is updated yearly, averaging 3.462 Barrel/Day th from Dec 2014 (Median) to 2018, with 5 observations. The data reached an all-time high of 6.649 Barrel/Day th in 2014 and a record low of 1.747 Barrel/Day th in 2018. Mexico Fuel Oil: Demand: Durango data remains active status in CEIC and is reported by Secretary of Energy. The data is categorized under Global Database’s Mexico – Table MX.RB017: Fuel Oil Demand.

Mexico Fuel Oil: Demand: Tamaulipas data was reported at 0.060 Barrel/Day th in 2018. This records a decrease from the previous number of 0.098 Barrel/Day th for 2017. Mexico Fuel Oil: Demand: Tamaulipas data is updated yearly, averaging 0.098 Barrel/Day th from Dec 2014 (Median) to 2018, with 5 observations. The data reached an all-time high of 0.175 Barrel/Day th in 2015 and a record low of 0.000 Barrel/Day th in 2014. Mexico Fuel Oil: Demand: Tamaulipas data remains active status in CEIC and is reported by Secretary of Energy. The data is categorized under Global Database’s Mexico – Table MX.RB017: Fuel Oil Demand.