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

Crude Oil Production in the United States increased to 13642 BBL/D/1K in July from 13533 BBL/D/1K in June of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about United States Crude Oil: Production

• United States Crude Oil: Production was reported at 12,927.088 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 11,910.573 Barrel/Day th for Dec 2022
• US Crude Oil: Production data is updated yearly, averaging 8,135.663 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 12,927.088 Barrel/Day th in 2023 and a record low of 4,999.727 Barrel/Day th in 2008
• US Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

Texas is by far the largest oil-producing state in the United States. In 2024, Texas produced a total of over two billion barrels. In a distant second place is New Mexico, which produced 744.6 million barrels in the same year. Virginia is the smallest producing state in the country, at three thousand barrels. Macro perspective of U.S. oil production The U.S. oil production totaled some 19.4 million barrels of oil per day, or a total annual oil production of 827 million metric tons in 2023. As the largest oil producer in the U.S., it is not surprising that Texas is home to the most productive U.S. oil basin, the Permian. The Permian has routinely accounted for at least 50 percent of total onshore production. Regional distribution of U.S. oil production A total of 32 of the 50 U.S. states produce oil. There are five regional divisions for oil production in the U.S., known as the Petroleum Administration for Defense Districts (PADD). These five regional divisions of the allocation of fuels derived from petroleum products were established in the U.S. during the Second World War and they are still used today for data collection purposes. In line with the fact that Texas is by far the largest U.S. oil producing state, PADD 3 (Gulf Coast) is also the largest oil producing PADD, as it also includes the federal offshore region in the Gulf of Mexico. There are around 590 operational oil and gas rigs in the country as of February 2025.

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

Key information about United States Crude Oil: Imports

• United States Crude Oil: Imports was reported at 6,478.000 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 6,281.000 Barrel/Day th for Dec 2022
• US Crude Oil: Imports data is updated yearly, averaging 7,353.500 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 10,126.000 Barrel/Day th in 2005 and a record low of 3,201.000 Barrel/Day th in 1985
• US Crude Oil: Imports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Imports

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.

Stocks of crude oil in the United States increased by 1.79million barrels in the week ending September 26 of 2025. This dataset provides the latest reported value for - United States Crude Oil Stocks Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

View weekly updates and historical trends for US Crude Oil Imports. from United States. Source: Energy Information Administration. Track economic data wit…

Strategic Petroleum Reserve Crude Oil Stocks in the United States increased to 406700 Thousand Barrels in September 26 from 405958 Thousand Barrels in the previous week. This dataset includes a chart with historical data for the United States Strategic Petroleum Reserve Crude Oil Stocks.

View weekly updates and historical trends for US Crude Oil Exports. Source: Energy Information Administration. Track economic data with YCharts analytics.

The United States is the world's largest crude oil producer. In 2024, it had an output of 20.1 million barrels worth of oil per day. This was nearly 13 million barrels more than in 2010 and largely a result of advances in unconventional tight oil production. Saudi Arabia and Russia ranked second and third, at around 10.9 and 10.8 million barrels daily respectively. Oil production includes crude oil, shale oil, oil sands, and natural gas liquids. Distribution of U.S. oil production The U.S. is divided into five regional divisions for oil production, known as Petroleum Administration for Defense District’s (PADD), which were created during World War II. The main goal was to organize the allocation of fuels from petroleum products and for data collection purposes these regions are still currently used. Out of all PADD's, PADD 3, including the Gulf Coast states, has recorded by far the largest daily crude oil production, at some 7.9 million barrels in 2021. By comparison, PADD 1 (East Coast) production volumes were 74 thousand barrels per day. The importance of PADD 3 to the country’s overall oil output is hardly surprising as Texas is by far the state with the largest crude oil production. U.S. natural gas production Besides being the world's largest oil producer, the U.S. is also the world’s largest natural gas producer. It produced over one trillion cubic meters in 2024, despite ranking fifth in terms of proved natural gas reserves .

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Brazil Oil and Gas Market Size and Trends

The Brazil oil and gas market size is forecast to increase by USD 46.79 billion at a CAGR of 3.68% between 2023 and 2028. The market is experiencing significant growth, driven by technological advancements in drilling techniques and the increasing adoption of natural gas vehicles (NGVs). These trends are contributing to the expansion of the market, particularly in the upstream sector. Furthermore, the increasing use of renewable fuel sources, such as offshore wind power and solar, is creating opportunities for the integration of renewable energy into the oil and gas industry. This integration is expected to reduce the carbon footprint of oil and gas companies and help them meet sustainability goals. However, challenges such as regulatory issues, high operational costs, and geopolitical risks continue to pose threats to market growth. Despite these challenges, the market is expected to grow at a steady pace, driven by the aforementioned trends and the vast potential for oil and gas exploration in Brazil.

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The market has been a significant hydrocarbon investment destination due to its vast reserves of crude oil and natural gas. The country is the tenth-largest producer of crude oil in the world and the eighth-largest consumer of petroleum products. The exploration and production sector, including refineries, is a capital-intensive industry that contributes significantly to the country's gross domestic product. Free cash flows from oil and gas operations have been a driving force for shareholders and investors in the market. However, the industry faces challenges such as emissions reduction targets and the shift towards low-carbon energies. Regulators play a crucial role in implementing policies to balance the economic benefits of hydrocarbon production with environmental concerns. Brazil's oil refining capacity stands at approximately 1.6 million barrels per day, making it the seventh-largest refining country in the world. The country's non-OECD petroleum consumption is expected to increase due to growing demand for petrol products. The International Energy Agency (IEA) forecasts that Brazil will remain a significant consumer of oil and natural gas as fuel sources for processes and systems in various industries. The market's future growth depends on continued investment in exploration and production and the development of new technologies to reduce emissions and improve efficiency.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion ' for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

Application Outlook

  Industrial
  Commercial
  Residential


Deployment Outlook

  Offshore
  Onshore


Region Outlook

  North America

    The U.S.
    Canada





  Europe

    U.K.
    Germany
    France
    Rest of Europe





  APAC

    China
    India





  Middle East & Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East & Africa

By Application Insights

The industrial segment is estimated to witness significant growth during the forecast period. The market is characterized by processing concentration and the presence of critical mineral resources, including nickel, graphite, lithium, cobalt, and rare earth elements. Occidental Petroleum and TerraLithium are among the companies exploring these resources in the country.

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The industrial segment was the largest segment and valued at USD 102.15 billion in 2018. Control of critical mineral rights and regulatory knowledge are crucial for companies in the clean energy manufacturing sector, given the increasing demand for lithium for EV battery production. Brine deposits are a significant source of lithium in Brazil, and companies are focusing on optimizing water resources and reducing lead times to gain a competitive edge. Hence, such factors are fuelling the growth of this segment during the forecast period.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Brazil Oil and Gas Market Driver

Technological advancements in drilling techniques is notably driving market growth. The market has witnessed significant advancements in exploration and production techniques, particularly in the areas of shale formations. Horizontal drilling technology, which enables drillers to access a wider section of shale rock from a single wellbore, has become a game-changer. This is achieved by drilling vertically to the target depth and then turning the drill bit horizontally within the shale formation. This technique has s

A feasibility study for a proposed petroleum refinery for the Jicarilla Apache Indian Reservation was performed. The available crude oil production was identified and characterized. There is 6,000 barrels per day of crude oil production available for processing in the proposed refinery. The proposed refinery will utilize a lower temperature, smaller crude fractionation unit. It will have a Naphtha Hydrodesulfurizer and Reformer to produce high octane gasoline. The surplus hydrogen from the reformer will be used in a specialized hydrocracker to convert the heavier crude oil fractions to ultra low sulfur gasoline and diesel fuel products. The proposed refinery will produce gasoline, jet fuel, diesel fuel, and a minimal amount of lube oil. The refinery will require about $86,700,000 to construct. It will have net annual pre-tax profit of about $17,000,000. The estimated return on investment is 20%. The feasibility is positive subject to confirmation of long term crude supply. The study also identified procedures for evaluating processing options as a means for American Indian Tribes and Native American Corporations to maximize the value of their crude oil production.

View monthly updates and historical trends for Average Crude Oil Spot Price. Source: World Bank. Track economic data with YCharts analytics.

Heating Oil fell to 2.23 USD/Gal on October 3, 2025, down 0.38% from the previous day. Over the past month, Heating Oil's price has fallen 4.11%, and is down 3.65% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on October of 2025.

China Imports from Canada of Crude Oil was US$4.74 Billion during 2024, according to the United Nations COMTRADE database on international trade. China Imports from Canada of Crude Oil - data, historical chart and statistics - was last updated on October of 2025.

View market daily updates and historical trends for WTI Crude Oil Spot Price. Source: Energy Information Administration. Track economic data with YCharts …

As of July 2025, the average annual price of Brent crude oil stood at 71.79 U.S. dollars per barrel. This is over eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

On September 29, 2025, the Brent crude oil price stood at 66.8 U.S. dollars per barrel, compared to 63.45 U.S. dollars for WTI oil and 70.48 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.