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.

This dataset contains oil demand, supply, stocks outlook from 2017-2023. 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

ANNUAL

Annual data on quantities for crude oil, petroleum products, natural gas and manufactures gases, electricity and derived heat, solid fossil fuels, renewables and wastes covering the full spectrum of the energy sector from supply through transformation to final consumption by sector and fuel type.

Also, annual imports and exports data of various energy carriers by country of origin and destination, as well as infrastructure information.

Data on annual statistics are collected via standard questionnaires according to Annex B of the Regulation (EC) No 1099/2008 of the European Parliament and of the Council of 22 October 2008 on energy statistics

MONTHLY

The monthly energy data collections cover the most important energy commodities:

• Crude oil & Petroleum products
• Natural gas
• Solid fuels
• Electricity

For each of the above mentioned commodities the inflowing data are delivered by the reporting countries to Eurostat via separate dedicated questionnaires.

Data on monthly statistics are collected via standard questionnaires according to Annex C of the Regulation (EC) No 1099/2008 of the European Parliament and of the Council of 22 October 2008 on energy statistics

SHORT-TERM MONTHLY

The short-term monthly energy data collection covers the imports and supply of crude oil.

Data on monthly short term statistics are collected via standard questionnaires according to Annex D of the Regulation (EC) No 1099/2008 of the European Parliament and of the Council of 22 October 2008 on energy statistics.

In the past, short term monthly statistics also covered the main flows (quantities) on the supply side for

• Oil & petroleum products
• Natural gas
• Electricity

The short-term monthly data collection for electricity was stopped in 2019, whereas short-term monthly data for oil and petroleum products and natural gas are not collected as of 2021.

The International Energy Agency predicts a significant global oil supply surge in 2025, potentially leading to a market surplus as production growth outpaces demand.

Annual data on quantities for crude oil, petroleum products, natural gas and manufactures gases, electricity and derived heat, solid fossil fuels, renewables and wastes covering the full spectrum of the energy sector from supply through transformation to final consumption by sector and fuel type (commodity balance).

Annual data collection covers in principle the EU Member States, EFTA, and EU candidate countries. The time series starts in most cases in the year 1990.

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

Units: MBPD (Unless % Specified)

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

The global crude oil market, valued at $2875.7 million in 2025, is projected to experience steady growth with a Compound Annual Growth Rate (CAGR) of 2.3% from 2025 to 2033. This relatively modest growth reflects a complex interplay of factors. While increasing global energy demand, particularly from developing economies, acts as a significant driver, several constraints are at play. These include the ongoing transition to renewable energy sources, government policies promoting energy efficiency and diversification, and fluctuating geopolitical events impacting supply chains and prices. Furthermore, technological advancements in oil extraction and refining processes, along with continuous efforts towards operational efficiency improvements by major players, are shaping the market's trajectory. Competition among the leading producers, including Saudi Aramco, China National Petroleum Corporation, and ExxonMobil, remains intense, influencing pricing and market share dynamics. The segmentation of the crude oil market (while not explicitly provided) is likely to be multifaceted, encompassing factors like crude type (light, medium, heavy), geographic origin, and refining capacity. Demand-side factors will also continue to exert influence, as different regions exhibit varying growth trajectories. North America and the Middle East, historically major producers and consumers, will remain key players. However, the rising energy demands of Asia-Pacific economies will likely contribute substantially to overall market expansion in the coming years, resulting in a shifting balance of global market share. This necessitates a continuous assessment of the evolving regulatory landscape, as environmental concerns and carbon emission targets are pushing for a shift towards cleaner energy alternatives, thus impacting long-term crude oil demand projections.

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)

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.

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 September 30th 2025: Figures added for July 2025.

Changes as of August 27th 2025: Figures added for June 2025.

Changes as of July 28th 2025: Figures added for May 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.

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.

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.

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.

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.

The IEA warns of a major oil market surplus reaching 4 million barrels per day by 2026 due to rising supply and sluggish demand growth, creating potential price pressures.