The global demand for crude oil (including biofuels) in 2023 amounted to 102.21 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 104 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 110 million barrels per day by 2045, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 30.1 million barrels per day in 2045, up from 27.6 million barrels in 2021. Gasoline demand is forecast at 27.6 million barrels by 2045.

Beyond oil - efforts made by an industry looking to cut carbon intensity

Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, efforts have been made within the energy industry in finding an alternative to the fossil fuel. One such alternative generating great enthusiasm is hydrogen. The most abundant chemical element in the universe has become of particular interest due to its potential as an energy carrier. Similar to oil, it may serve as a feedstock or main ingredient for transportation fuels, energy generation and storage, and also chemicals production. While today it is mainly won from natural gas conversion (so-called grey hydrogen), most investments are aimed at making hydrogen production through electrolysis using renewable electricity (green hydrogen) more cost efficient. Oil refineries and ammonia production facilities are main consumers of hydrogen, with the transportation sector accounting for a much lesser share.

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.

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.

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 oil prices graph provides a visual representation of crude oil prices over time and is crucial for understanding market dynamics and tracking price fluctuations. This article explains key terms such as Brent Crude and WTI Crude, as well as the influence of supply and demand, geopolitical events, economic fluctuations, and weather conditions on oil prices. Analysts, investors, governments, and oil companies rely on this graph to identify trends, patterns, and major market events for decision-makin

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...

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.

World daily oil production refers to the total amount of oil produced globally on a daily basis. It is an important indicator of the world's energy supply and the global economy as oil is a vital resource used in various sectors such as transportation, manufacturing, and electricity generation. The article discusses the current state of world oil production, the top oil-producing countries, conventional and unconventional oil production, the role of OPEC, and the future of global oil production.

Explore the Oil And Gas Market trends! Covers key players, growth rate 4.9% CAGR, market size $9894.48 Billion, and forecasts to 2034. Get insights now!

Global oil production by month varies depending on several factors, including demand, geopolitical events, and changes in oil prices. This article highlights the importance of monitoring global oil production and provides insights into recent trends and fluctuations. It emphasizes the role of the International Energy Agency (IEA) in tracking and reporting production levels. The article also mentions specific data for January, February, March, April, and May 2021, showcasing the increase and decrease in glob

Diesel and gasoil account for the highest oil products demand share in the world. In 2023, these products made up some 28.38 percent of total oil demand. This figure is expected to decrease slightly by 2050, with jet fuel and kerosene expected to see the greatest increase in demand shares. Daily global crude oil demand is expected to climb over 100 million barrels in 2023.

Global Oil And Gas Supporting Activities Market to hit USD 414.05B by 2029 growing at 5.4% CAGR. Explore trends, drivers, and competition for strategic insights with The Business Research Company.

The global oil and gas market size reached USD 20.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 72.6 Billion by 2033, exhibiting a growth rate (CAGR) of 15.21% during 2025-2033. The global market is currently influenced by geopolitical tensions, technological advancements, and shifting environmental policies, leading to volatile prices and driving industry players towards innovation and sustainability to navigate the challenges of supply disruptions, regulatory pressures, and changing consumer preferences.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type and application.

Market Overview:

The global transformer oil market size reached USD 2.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 4.4 Billion by 2033, exhibiting a growth rate (CAGR) of 5.9% during 2025-2033. The rising implementation of stricter environmental regulations, rising demand for bio-based and synthetic oil variants, and the accelerating need for new installations as well as maintenance are among the key factors driving the market growth.

Transformer oil, also known as insulating oil, plays a crucial role in the functioning of electrical transformers. Its primary purposes are to insulate and cool the internal components. The oil acts as a dielectric medium that prevents electrical discharges between different parts of the transformer, enhancing its overall performance and longevity. It circulates within the transformer, helping to dissipate the heat generated during the electricity conversion process. Typically, it is derived from refined mineral oil, although synthetic and bio-based alternatives are also available. Over time, the quality of the oil can deteriorate due to moisture, contaminants, or the breakdown of its chemical structure. Regular testing and maintenance are essential to ensure it remains effective. Sub-standard oil can lead to inefficiencies and, in worst-case scenarios, catastrophic failure of the transformer.

The implementation of stricter environmental regulations majorly drives the global market. This inclination toward greener, more eco-friendly solutions is leading to increased scrutiny of conventional mineral-based oils. As a result, the rise in the demand for bio-based and synthetic oils, which are less harmful to the environment and also offer better performance metrics is positively influencing the market. Along with this, the global shift towards renewable energy sources such as wind, solar, and hydroelectric power is positively affecting the market. These renewable energy installations often require transformers to convert and transmit electricity to the grid. The quality and efficiency of these transformers are highly dependent on the oil used. In addition, the accelerating need for the product for new installations as well as maintenance is significantly supporting the market. Apart from this, electric vehicles (EVs), in particular, are influencing the need for more efficient and compact transformers, which in turn drives demand for high-quality oil. Moreover, the increasing consumption of electricity for various applications like manufacturing, data centers, and household usage is creating a positive market outlook.

Transformer Oil Market Trends/Drivers:

Increasing electrification and infrastructure development

One of the key market drivers for the global industry is the increasing rate of electrification and infrastructure development, particularly in emerging economies. As countries focus on modernizing their electrical grids to meet the growing demand for electricity, the need for transformers, and consequently, oil for transformers, rises significantly. In addition, governments and private sectors are making heavy investments in building new power plants, substations, and transmission lines to ensure that electricity is efficiently generated and distributed. High-quality oil for transformers is crucial in these endeavors, serving as an insulating and cooling agent for the transformers' intricate components. Without effective oil for transformers, the risk of transformer failure and the subsequent electrical outage increases, which can have a detrimental impact on essential services and the economy. Therefore, as electrification expands, especially in regions that are working towards enhancing their energy infrastructure, the market demand is expected to experience robust growth.

Technological advancements in the power industry

The power industry is experiencing rapid technological advancements, including the development of smart grids, renewable energy resources, and energy-efficient systems. These advancements necessitate highly reliable and efficient transformers, increasing the demand for high-quality oil for transformers . Along with this, advanced transformers are being designed to handle higher electrical loads, more frequent load fluctuations, and variable voltage requirements. This trend demands superior oil for transformers with nsulating and cooling properties, longevity, and resistance to degradation. Apart from this, innovations in the oil formulations are thus becoming critical, offering opportunities for manufacturers to develop specialized products that meet these evolving needs.

Rapid industrialization and urbanization

Growing industrialization and urbanization worldwide are a set of factors driving the market demand. As cities expand and industries grow, the need for reliable electricity supply becomes paramount. New factories, commercial complexes, and residential areas require the installation of transformers to meet their energy requirements. In addition, the health of these transformers largely depends on the quality of the oil used. Given that these settings cannot afford frequent downtimes due to transformer failures, the requirement for high-grade oil for transformers is inevitably on the rise. Moreover, many industrial processes have specific electrical needs, often requiring specialized types of oil for transformers . Therefore, as industrialization and urbanization continue to trend upwards, the market is facing a positive outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market report, along with forecasts at the global, regional, and country levels from 2025-2033. Our report has categorized the market based on type, function, end-use and application.

Breakup by Type:

• Napthenic Oil
• Paraffinic Oil
• Silicone-Based
• Bio-Based
• Others
  

Napthenic oil holds the largest market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes napthenic oil, paraffinic oil, silicone-based, bio-based, and others. According to the report, napthenic oil accounted for the largest market share.

The naphthenic oil segment is experiencing rising demand due to several market drivers in the global industry. Known for its excellent low-temperature properties, naphthenic oil is highly desirable in regions with colder climates, where maintaining fluidity at low temperatures is crucial for transformer operation. This oil type also boasts superior electrical insulating properties and oxidation stability, making it well-suited for applications that require high reliability and performance. Furthermore, naphthenic oil is compatible with a broad range of transformer materials, offering flexibility in diverse applications. It can also be quickly processed and refined, thus making it cost-effective for manufacturers and ultimately the end-users. Regulatory agencies have also found naphthenic oils to be more environmentally benign compared to certain other types, which further elevates its appeal amid tightening environmental regulations globally. Moreover, as renewable energy adoption accelerates, the need for transformers that can efficiently handle varying loads is increasing. Naphthenic oil’s ability to perform reliably under fluctuating conditions makes it a preferred choice for such applications.

Breakup by Function:

• Insulator
• Cooling Agent
• Lubricant
• Chemical Stabilizer
  

Insulator accounts for the majority of the market share

A detailed breakup and analysis

The Platts Market Data - Oil dataset provides access to market data and oil price assessments for global the crude oil and refined oil industry.

The global industrial oil market is estimated to be valued at around US$ 65,757.6 million in 2023. Sales of industrial oil are projected to increase at an average CAGR of 3.5% and are expected to top a valuation of US$ 92,575.6 million by 2033. Increasing industrial oil applications in various industries, such as energy generation, are expected to boost the market during the assessment period.

Country-wise Insights

Category-wise Insights

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.

Global Oil and Gas Software Market Size and Forecast

Global Oil and Gas Software Market size was valued at USD 1.25 Billion in 2024 and is projected to reach USD 2.03 Billion by 2031, growing at a CAGR of 6.89% from 2024 to 2031.

Global Oil And Gas Software Market Drivers

Increasing focus on operational efficiency: Oil and gas companies are constantly seeking ways to improve their operational efficiency and reduce costs. Software solutions can help optimize various aspects of the value chain, from exploration and production to refining and distribution.

Advancements in technology: The development of new technologies, such as data analytics, cloud computing, and artificial intelligence, is enabling more sophisticated and effective software solutions for the oil and gas industry.

Rising energy demand: The growing global demand for energy, particularly in developing economies, is driving the need for advanced software solutions to manage and optimize energy resources.

Global Oil And Gas Software Market Restraints

High initial investment: Implementing oil and gas software solutions can require a significant upfront investment, which may be a barrier for some companies.

Data quality and availability: The accuracy and completeness of data are critical for effective software solutions. However, collecting and managing data in the oil and gas industry can be challenging.

Coconut oil market is valued at USD 6,925.95 Million approximately in 2025. The Global Market is expected to reach USD 1,3371.87 Million by 2035. The global market is expected to witness the highest growth rate and record a growth of 6.8% CAGR during this period.

Country-wise Outlook- Coconut oil market

Competitive Outlook

OPEC reduces its 2024 oil demand growth forecast by 210,000 barrels per day, signaling shifts in global market dynamics.