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.

The consumption of oil has steadily increased over the last three decades, totaling 4.53 billion metric tons in 2023, compared to 4.42 billion 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 4.5 billion metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some 5.3 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 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

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 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.

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 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

Oil consumption worldwide reached approximately 100.2 million barrels per day in 2023. This was an increase of around three percent in comparison to the previous year, when global oil consumption experienced a drop as a result of the pandemic-enforced mobility restrictions which, in turn, led to a decline in transportation fuel demand. Apart from the years of the financial crisis and the 2020 coronavirus pandemic, oil consumption consecutively increased in every year since 1998. Oil demand by region As a region, Asia-Pacific has the highest demand for oil in the world, followed closely by the Americas. The United States alone contributes strongly to this high regional demand in the Americas, as it is the country with the largest petroleum consumption in the world. Oil is mainly used as a raw material for motor fuels or as a feedstock in the chemicals industry for products ranging from adhesives to plastics. It has historically also been used as a source for electricity and heat generation, although to a lesser extent than other fossil fuels such as coal and natural gas. Where is oil produced? Though the U.S. holds only around four percent of proved oil reserves, it currently accounts for the greatest share of global crude oil production, surpassing countries with far larger oil reserves such as Saudi Arabia. With the expansion of the shale oil industry through new methods of extraction like hydraulic fracturing and horizontal drilling, the United States has become less dependent on oil imports as domestic production has drastically increased.

The global oil inventory chart provides valuable insights into the levels of oil stockpiles worldwide. It tracks the inventory of crude oil and petroleum products, such as gasoline, diesel, and heating oil. The chart is crucial for understanding the supply and demand dynamics of the oil market and is closely monitored by industry experts, governments, and investors.

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.

Today, the crude oil market saw a significant increase in prices, as indicated by the crude oil graph. The graph depicts the price fluctuations of crude oil throughout the day, providing insights into its volatility and market trends. Learn about the various factors influencing crude oil prices, including demand, geopolitical tensions, market speculation, and seasonal influences.

The graph illustrates the global consumption of crude oil from 1990 to 2008. In 2007, the world consumed a total of approximately four billion metric tons of crude oil.

The crude oil production graph provides a visual representation of global crude oil production trends and patterns. It helps analysts and economists study changes in supply and demand dynamics, and is vital for policymakers, energy companies, and investors in making informed decisions. This article explores factors influencing the shape of the graph, such as geopolitical developments, technological advancements, economic conditions, and environmental policies. It also highlights the impact of major oil-prod

The Saudi oil prices chart provides historical data and insights into the pricing trends and factors that affect the global oil industry. It explores the various types of Saudi crude oil, analyzes price trends over time, and compares Saudi oil prices with global benchmarks. Factors influencing the chart include global oil demand and supply, geopolitical tensions, production levels, and market sentiment. Monitoring the chart is important for stakeholders in the oil industry to make informed decisions and und

During the first quarter of 2025, the sesame oil prices in the USA reached 7,700 USD/MT in March. As per the sesame oil price chart, tariffs and trade agreements, including those related to US-China trade tensions, have affected the import and export of sesame oil, impacting prices in the USA.

Explore IMARC’s newly published report, titled “Sesame Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of sesame oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

The crude oil market graph is an essential tool for analyzing and predicting trends in the oil market. It represents the fluctuations in the price of crude oil, influenced by factors such as supply and demand dynamics, geopolitical events, economic indicators, and more. Traders and investors can utilize various technical analysis tools to identify patterns and make informed decisions. The graph is widely used by market participants to understand historical price movement and interpret current market conditi

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.

Analyzing the crude oil graph over a one-year period allows us to understand the dynamic nature of the oil market. It helps us identify specific events or trends that impact oil prices, from supply and demand factors to geopolitical tensions and economic growth.

Key information about Japan Oil Consumption

• Japan Oil Consumption was reported at 3,365.773 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 3,503.871 Barrel/Day th for Dec 2022
• Japan Oil Consumption data is updated yearly, averaging 4,933.384 Barrel/Day th from Dec 1965 to 2023, with 59 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