Oil consumption worldwide reached approximately ************* barrels per day in 2024. This was an increase of around ****percent in comparison to the previous year. 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 **** 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.

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 United States and China are the top largest consumers of oil in the world, totaling ********** and ************ barrels per day, respectively. In the last decade, the share of global oil consumption from Europe and North America have begun to decline, whereas consumption levels from Asia Pacific and other regions have risen. As other sources of energy become more cost effective and due to the prominence of new transportation technologies, oil consumption worldwide is expected to reach a peak in the near future. Refining oil Crude oil is refined into petroleum products, such as gasoline and diesel fuel, and used for a wide variety of products, although many refineries focus on transportation fuels. Generally, crude oil feedstocks are processed by an oil production plant and is an essential part of the downstream petroleum industry.

The average for 2014 based on 192 countries was 485.24 thousand barrels per day. The highest value was in the USA: 19106 thousand barrels per day and the lowest value was in Kiribati: 0.4 thousand barrels per day. The indicator is available from 1980 to 2014. Below is a chart for all countries where data are available.

In 2024, China was the largest consumer of oil in the Asia-Pacific region, consuming around ***** million barrels per day. In the same year, India consumed approximately *** million barrels per day, making it the second-largest consumer of oil in the region.

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.

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

The USA: Oil consumption, thousand barrels per day: The latest value from 2014 is 19106 thousand barrels per day, an increase from 18961 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for the USA from 1980 to 2014 is 18181.71 thousand barrels per day. The minimum value, 15231 thousand barrels per day, was reached in 1983 while the maximum of 20802 thousand barrels per day was recorded in 2005.

Serbia: Oil consumption, thousand barrels per day: The latest value from 2014 is 74 thousand barrels per day, an increase from 72 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for Serbia from 2006 to 2014 is 79.33 thousand barrels per day. The minimum value, 70 thousand barrels per day, was reached in 2012 while the maximum of 91 thousand barrels per day was recorded in 2007.

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

The United Kingdom: Oil consumption, thousand barrels per day: The latest value from 2014 is 1520 thousand barrels per day, a decline from 1527 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for the United Kingdom from 1980 to 2014 is 1714.49 thousand barrels per day. The minimum value, 1520 thousand barrels per day, was reached in 2014 while the maximum of 1852 thousand barrels per day was recorded in 1996.

Key information about Saudi Arabia Oil Consumption

• Saudi Arabia Oil Consumption was reported at 4,051.907 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 3,854.152 Barrel/Day th for Dec 2022
• Saudi Arabia Oil Consumption data is updated yearly, averaging 1,354.266 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 4,099.724 Barrel/Day th in 2016 and a record low of 389.574 Barrel/Day th in 1965
• Saudi Arabia 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

Cuba: Oil consumption, thousand barrels per day: The latest value from 2014 is 178 thousand barrels per day, an increase from 167 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for Cuba from 1980 to 2014 is 195.6 thousand barrels per day. The minimum value, 141 thousand barrels per day, was reached in 2008 while the maximum of 229 thousand barrels per day was recorded in 2004.

Key information about Mexico Oil Consumption

• Mexico Oil Consumption was reported at 1,961.618 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,931.355 Barrel/Day th for Dec 2022
• Mexico Oil Consumption data is updated yearly, averaging 1,769.700 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 2,328.952 Barrel/Day th in 2008 and a record low of 315.871 Barrel/Day th in 1965
• Mexico 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

Key information about Spain Oil Consumption

• Spain Oil Consumption was reported at 1,227.784 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 1,245.035 Barrel/Day th for Dec 2022
• Spain Oil Consumption data is updated yearly, averaging 1,110.885 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,546.816 Barrel/Day th in 2005 and a record low of 268.464 Barrel/Day th in 1965
• Spain 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

Key information about Australia Oil Consumption

• Australia Oil Consumption was reported at 1,056.211 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 998.525 Barrel/Day th for Dec 2022
• Australia Oil Consumption data is updated yearly, averaging 753.179 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,075.165 Barrel/Day th in 2018 and a record low of 343.872 Barrel/Day th in 1965
• Australia 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

Key information about Iran Oil Consumption

• Iran Oil Consumption was reported at 1,816.840 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 1,853.006 Barrel/Day th for Dec 2022
• Iran Oil Consumption data is updated yearly, averaging 1,210.598 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,890.251 Barrel/Day th in 2013 and a record low of 139.289 Barrel/Day th in 1965
• Iran 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

Key information about Taiwan Oil Consumption

• Taiwan Oil Consumption was reported at 839.579 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 888.241 Barrel/Day th for Dec 2022
• Taiwan Oil Consumption data is updated yearly, averaging 688.840 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,058.188 Barrel/Day th in 2007 and a record low of 43.856 Barrel/Day th in 1965
• Taiwan 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

Key information about Russia Oil Consumption

• Russia Oil Consumption was reported at 3,634.960 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 3,614.618 Barrel/Day th for Dec 2022
• Russia Oil Consumption data is updated yearly, averaging 3,276.729 Barrel/Day th from Dec 1985 to 2023, with 39 observations
• The data reached an all-time high of 5,111.449 Barrel/Day th in 1989 and a record low of 2,489.814 Barrel/Day th in 1998
• Russia 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

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.