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.

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.

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

While major energy institutions IEA, OPEC, and EIA used to have little differences in their long-term growth projections for the oil market, their demand outlooks have become more divergent in recent years. In its 2024 outlook, OPEC expected global oil demand to increase to more than 113 million barrels per day by 2030. In comparison, the IEA's stated policies scenario (STEPS) from 2024 sees oil demand coming to merely 101.7 million barrels per day by 2030. A figure that was similar to the EIA's latest outlook.

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

By 2029, global oil demand is forecast to reach 112.3 million barrels per day. China is expected to account for 18.4 million barrels of daily oil demand while India is expected to account for 6.9 million barrels worth.

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 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

The International Energy Agency expects worldwide oil demand to increase by some 1.1 million barrels per day in 2025. This estimate from February 2025 is lower than expectations by the EIA and the OPEC.

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.

Key information about Japan Oil Consumption

• Japan Oil Consumption was reported at 3,237.857 Barrel/Day th in Dec 2024
• This records a decrease from the previous number of 3,421.538 Barrel/Day th for Dec 2023
• Japan Oil Consumption data is updated yearly, averaging 5,703.932 Barrel/Day th from Dec 1965 to 2024, with 60 observations
• The data reached an all-time high of 5,805.695 Barrel/Day th in 1996 and a record low of 1,727.491 Barrel/Day th in 1965
• Japan 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!

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.

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.

Thailand Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data was reported at 0.000 Barrel th in Jan 2025. This records a decrease from the previous number of 981.225 Barrel th for Dec 2024. Thailand Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data is updated monthly, averaging 1,220.244 Barrel th from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 4,031.658 Barrel th in Mar 2004 and a record low of 0.000 Barrel th in Jan 2025. Thailand 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 Thailand – Table TH.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.

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.

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.

The global crude oil market, valued at $2875.7 million in 2025, is projected for steady growth at a 2.3% CAGR until 2033. This analysis examines market drivers, trends, and restraints, highlighting key players and regional market shares. Discover insights into the future of crude oil.

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