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.

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.

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 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.

1. Global oil demand, supply, oil market balance and required amounts of OPEC crude.

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for global oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

This dataset contains oil demand, supply, stocks outlook from 2016-2022. Data from U.S. Energy Information Administration. Follow datasource.kapsarc.org for timely data to advance energy economics research. Price outlook dataset link: EIA - Oil Price Short Term Forecast

Introduction:

Crude oil is an essential commodity that is used in almost every aspect of modern life. Its price fluctuations have a significant impact on global economies, especially for countries that heavily depend on oil exports. In this dataset, we will explore the fluctuations of crude oil prices over the past 48 years, from 1974 to 2022, and examine the key factors that have influenced these fluctuations. The dataset provides a valuable resource for researchers and analysts interested in studying the fluctuations in crude oil prices over the past four decades. It can be used to identify patterns and trends in the market, as well as to develop predictive models for future price movements.

This dataset can be used for various purposes, such as:

• Analyzing the trends and fluctuations in crude oil prices over time.
• Identifying the factors that affect crude oil prices, such as supply and demand, geopolitical events, and economic indicators.
• Developing predictive models to forecast crude oil prices.
• Evaluating the impact of crude oil prices on the global economy, energy markets, and individual businesses.

Overall, the Fluctuations of Crude Oil Price dataset is a valuable resource for anyone interested in understanding the dynamics of the global oil market.

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

The global Crude Oil market stood around 4395 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 3.12% during the forecast period until 2032.

A crude oil supply chart is a graphical representation of the supply of crude oil over a specific period of time. It provides a visual depiction of the various factors that influence the production, imports, exports, and overall availability of crude oil. This article discusses the components of a crude oil supply chart, its ability to indicate the balance between supply and demand, and its importance for oil companies, energy analysts, and investors in making informed decisions in the oil industry.

View monthly updates and historical trends for World Crude Oil Production. Source: Energy Information Administration. Track economic data with YCharts ana…

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

Oil Storage Market size was valued at USD 4037.8 Million in 2024 and is projected to reach USD 5737.76 Million by 2032, growing at a CAGR of 4.49% from 2026 to 2032. Fluctuations in Global Oil Supply and Demand: Supply and demand volatility acts as the primary, instantaneous driver of global oil storage utilization. When global oil production exceeds consumption, whether due to a surge in output or a sharp decline in economic activity and travel, the excess crude must be physically stored. Key influencers, including crucial decisions made by OPEC+, geopolitical tensions that disrupt logistics or spur preemptive production, and the natural ebb and flow of global economic cycles, constantly shift this equilibrium. This imbalance directly increases the need for every form of storage capacity, from commercial tank farms to pipelines.Strategic Petroleum Reserves (SPR) and Government Policies: The continuous expansion and maintenance of Strategic Petroleum Reserves (SPR), mandated by governments globally, form a robust, long-term anchor for the oil storage market. Nations prioritize energy security by stockpiling vast quantities of oil to serve as a buffer against supply crises, natural disasters, or military conflicts. These government initiatives require significant, fixed investments in large-scale storage infrastructure, often involving secure, purpose-built underground caverns and massive coastal terminals, thereby driving predictable, long-term demand for high-capacity storage development.

Supply and disposition characteristics such as production (fuels include heavy crude, synthetic crude, etc.), input to refineries, exports and others. The data are available at the national and provincial levels. Not all combinations necessarily have data for all years.

The global crude oil supply is influenced by factors such as production levels, demand, geopolitical events, and technological advancements. This article provides an overview of the production, reserves, demand, and market dynamics that contribute to the availability and price of crude oil worldwide.

Global oil and gas production companies have gone through significant turbulence for most of the period. Revenue started off in a downturn amid the pandemic and its accompanying lockdowns, primarily the industry's largest market, the transportation sector, was limited. This was quickly reversed as the economy opened and supply outpaced demand, causing prices to skyrocket. High prices, accompanied by swelling production, led to surging revenue. This was further amplified by Russia's invasion of Ukraine, which forced many countries to put sanctions on Russia. With countries scrambling to find new suppliers, prices continued to shoot up in 2022. Nonetheless, prices eventually cooled back down later in the period, but still remained well above pre-pandemic levels. Overall revenue has pushed up at a CAGR of 11.7% to $4.0 trillion through the end of 2025, including a slight 7.3% dip in 2025 alone. Profit also surged as purchase costs came down. Emerging markets in BRIC nations, Southeast Asia and Africa continue to drive growth because of rapid industrialization and population increases, heightening the need for crude oil, natural gas and related downstream products. Even so, the gradual shift toward renewable energy poses challenges for producers, as many countries have implemented regulations and incentives to promote clean energy use. Geopolitical tensions and the uncertainties stemming from the global pandemic underscore the importance of diversifying supply sources to ensure energy security. Overall, industry revenue is set to push down at a CAGR of 2.5% to $3.6 trillion through the end of 2030. The bulk of this period will be highlighted by more efforts in oil and gas exploration and production in emerging markets, potentially transforming these regions into major global producers. Established countries will take this time to upgrade their technology and infrastructure to make production more efficient to keep profitability steady. Even so, the excess supply of oil and gas, combined with the push for sustainability, will drive prices down, leading to revenue contractions.

This dataset contains oil stock change from 2017-2023. Data from U.S. Energy Information Administration. Follow datasource.kapsarc.org for timely data to advance energy economics research.Original dataset: EIA - World Oil Supply and Demand.

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.