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.

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

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.

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.

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.

Road transportation is the greatest oil demanding sector in OECD (Organisation for Economic Co-operation and Development) member states. In 2023, 49.02 percent of all oil consumed in the OECD was related to motor vehicle usage. By comparison, the petrochemical sector which manufactures plastics, resins, and other petroleum-based products, only made up about an eighth of total demand. U.S. and China by far largest consumers The United States and China are the greatest oil consumers worldwide by a wide margin. In 2023, daily oil consumption in these countries amounted to 19 million barrels and 16.6 million barrels, respectively. Daily global crude oil demand, including biofuels, reached 102.21 million barrels in 2023, up from 99.57 million barrels in 2022. The future road sector Oil is used in numerous manufacturing processes and still accounts for a large chunk of primary energy supply worldwide. It is largely used to produce transportation fuels such as gasoline, diesel, and kerosene. As such, demand is also shaped by a growth or decline in internal-combustion engine vehicle usage and overall economic performance. During the 2020 pandemic, oil demand within the road sector decreased as lockdowns were enforced across the world. With many countries pushing for a wider adoption of electric vehicles, oil demand in the road sector is likely to be further affected going forward.

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

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

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

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)

Units: MBPD (Unless % Specified)

Keys: D = Demand S = Supply NOced = Non-OCED

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.

Global oil production refers to the total amount of crude oil extracted and processed on a daily basis from oil fields around the world. It is a key indicator of the global energy supply and has significant implications for various aspects of the global economy, including prices, trade, and geopolitical relationships. Learn about the top oil-producing countries, global oil demand and supply, the impact of production levels on oil prices, and the future outlook for the industry.

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.

The global Base Oil market stood around 49 million tonnes in 2024 and is expected to grow at a steady CAGR of 4.59% during the forecast period until 2035.

This table shows the supply and consumption of petroleum products and crudes as a balance sheet.

Petroleum products include the fuels LPG, motor gasoline and diesel oil. The balance includes products used for processing or consumption in the Netherlands as well as those intended for transit.

Crudes are crude oil, natural gas liquids and additives (intermediates for motor gasoline and transport diesel). Separate balance sheet items are available for feedstocks for processing in the Netherlands and for feedstocks for the transit trade. The difference between the two flows is that import tax is paid for products destined for production in the Netherlands, while it is not paid for transit goods.

The following standard densities are used to convert from kg to liters of Gasoline, Diesel and Autogas delivered including excise duty: Petrol 0.75 kg/l, Diesel 0.836 kg/l and LPG 0.535 kg/l.

This table replaces the next tables:

Crude balance sheet; supply, consumption and stock, 1944 - April 2021 Petroleum products balance; supply, consumption and stock, 1946 - April 2021 Motor fuels; sales in petajoules, weight and volume, 1946 - April 2021

See section 3.

Data available: From January 2015

Status of the figures: - up to and including 2022 definite. - 2023 and 2024 are revised provisional. - 2025 are provisional.

Changes as of June 30th 2025: Figures added for April 2025.

Changes as of June 16th 2025: Figures for 2024 have been updated.

Changes as of May 26th 2025: Figures added for March 2025.

When will new figures be published? Provisional figures: in the second month after the month under review. Definite figures: not later than in the second following December.

China Crude Oil Consumption: Industry: EG: Gas Production and Supply data was reported at 0.000 Ton mn in 2010. This records a decrease from the previous number of 0.002 Ton mn for 2009. China Crude Oil Consumption: Industry: EG: Gas Production and Supply data is updated yearly, averaging 0.000 Ton mn from Dec 1998 (Median) to 2010, with 13 observations. The data reached an all-time high of 0.005 Ton mn in 2004 and a record low of 0.000 Ton mn in 2010. China Crude Oil Consumption: Industry: EG: Gas Production and Supply data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.RBB: Crude Oil Consumption.

Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)

Oil Market Outlook

The global oil market size was valued at approximately $2.3 trillion in 2023 and is projected to reach around $3.1 trillion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.4%. The market is poised for this growth driven by increasing energy demands and technological advancements in extraction and refining processes. The ascent in urbanization and industrialization, particularly in emerging economies, is also catalyzing the expansion of the oil market. As the world continues to witness an upsurge in energy consumption, oil remains a pivotal component of the global energy mix, underscoring its enduring relevance and potential for growth in the coming years.

One of the primary growth factors for the oil market is the relentless global demand for energy, which is predominantly fueled by developing countries undergoing rapid industrialization and modernization. These nations are experiencing significant infrastructural development, leading to increased consumption of fossil fuels, including oil. Additionally, the expansion of the transportation sector, which is heavily reliant on oil, further propels market growth. The automotive industry, despite a shift towards electrification, still sees a significant proportion of its energy needs being met by oil products such as gasoline and diesel, thereby sustaining demand.

Technological advancements in extraction and refining processes are also key drivers of growth in the oil market. The advent of improved drilling techniques, such as horizontal drilling and hydraulic fracturing, has made it economically viable to tap into previously inaccessible oil reserves. This has significantly boosted the supply side of the market, leading to an increase in production levels. Moreover, innovations in refining processes have enhanced the efficiency and yield of refining operations, resulting in higher output of refined oil products. These technological improvements not only bolster supply but also help reduce the environmental impact of oil extraction and processing activities.

Furthermore, the global geopolitical landscape plays a crucial role in shaping the oil market. Political stability in key oil-producing regions can significantly influence supply chains and pricing structures. For instance, the Middle East, which holds a substantial portion of the world's oil reserves, is often affected by geopolitical tensions that can lead to fluctuations in supply and prices. Additionally, policies and regulations set forth by major economies regarding fossil fuel consumption and emissions standards can either facilitate market expansion or pose challenges to it. Thus, ongoing geopolitical developments and regulatory changes are critical factors affecting the oil market's trajectory.

The integration of Oil and Gas sectors is increasingly becoming a focal point in the global energy landscape. As oil remains a dominant energy source, the synergy between oil and gas industries can lead to enhanced efficiency and innovation. This integration allows for the sharing of technological advancements, such as improved drilling techniques and refining processes, which can be applied across both sectors to optimize resource extraction and processing. Furthermore, the collaboration between oil and gas companies can facilitate the development of comprehensive energy solutions that address both current demands and future sustainability goals. By leveraging their combined expertise, these industries can better navigate the challenges of fluctuating market conditions and regulatory pressures, ultimately contributing to a more resilient and adaptable energy sector.

Regionally, the Asia Pacific region is expected to witness robust growth in the oil market, primarily due to the soaring energy demands of populous countries like China and India. These nations are experiencing rapid economic growth, leading to increased consumption of oil for industrial and transportation purposes. North America, on the other hand, is characterized by technological innovations in oil extraction and production, positioning it as a significant player in the global market. The Middle East & Africa region remains a major supplier of oil, with vast reserves and strategic geopolitical positioning. Europe and Latin America, while also integral to the market, are increasingly turning towards alternative energy sources, which may moderate their growth rates compared to other regions.

Type Analysis

The oil market is segmented into several