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.

The global demand for crude oil (including biofuels) in 2023 amounted to 102.21 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 104 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 110 million barrels per day by 2045, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 30.1 million barrels per day in 2045, up from 27.6 million barrels in 2021. Gasoline demand is forecast at 27.6 million barrels by 2045.

Beyond oil - efforts made by an industry looking to cut carbon intensity

Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, efforts have been made within the energy industry in finding an alternative to the fossil fuel. One such alternative generating great enthusiasm is hydrogen. The most abundant chemical element in the universe has become of particular interest due to its potential as an energy carrier. Similar to oil, it may serve as a feedstock or main ingredient for transportation fuels, energy generation and storage, and also chemicals production. While today it is mainly won from natural gas conversion (so-called grey hydrogen), most investments are aimed at making hydrogen production through electrolysis using renewable electricity (green hydrogen) more cost efficient. Oil refineries and ammonia production facilities are main consumers of hydrogen, with the transportation sector accounting for a much lesser share.

Learn about the major sectors that contribute to global oil consumption and their levels of consumption and dependency on oil. Discover how the transportation, industrial, residential and commercial, and electricity generation sectors drive global oil use and how factors such as economic growth and environmental regulations influence oil demand. Understand the potential impact of shifts towards cleaner energy sources on future oil consumption trends.

The transportation sector is the greatest consumer of petroleum in the United States. In 2023, it was responsible for the consumption of roughly 13.7 million barrels of petroleum per day. The industrial sector followed, using an average of 5.3 million barrels per day.

CN: Crude Oil Consumption: Industry: Mfg: Fabricated Metal Product data was reported at 0.000 Ton mn in 2018. This records a decrease from the previous number of 0.000 Ton mn for 2017. CN: Crude Oil Consumption: Industry: Mfg: Fabricated Metal Product data is updated yearly, averaging 0.000 Ton mn from Dec 1994 (Median) to 2018, with 25 observations. The data reached an all-time high of 0.006 Ton mn in 1994 and a record low of 0.000 Ton mn in 2003. CN: Crude Oil Consumption: Industry: Mfg: Fabricated Metal Product 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.

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

This dataset contains information about the consumption of oil and gas products for public and industrial segments in Saudi Arabia for 1969-2021. Data from Saudi Central Bank (SAMA). Follow datasource.kapsarc.org and it’s APIs to stay in sync and advance energy economics research.Note:- Blank Fields: Not Available - Natural gas data were separated starting from 2021- Public includes consumption of all sectors except the oil industry.

By 2029, global oil demand is forecast to reach 112.3 million barrels per day. China is expected to account for 18.4 million barrels of daily oil demand while India is expected to account for 6.9 million barrels worth.

China Crude Oil Consumption: Industry: Mfg: Textile data was reported at 0.001 Ton mn in 2018. This records an increase from the previous number of 0.000 Ton mn for 2017. China Crude Oil Consumption: Industry: Mfg: Textile data is updated yearly, averaging 0.002 Ton mn from Dec 1985 (Median) to 2018, with 28 observations. The data reached an all-time high of 0.059 Ton mn in 1985 and a record low of 0.000 Ton mn in 2017. China Crude Oil Consumption: Industry: Mfg: Textile 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.

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 are revised provisional. - 2024 are provisional.

Changes as of February 26th of 2025: Figures for December 2024 have been added.

Changes as of February 3rd of 2025: Figures for November 2024 have been added.

Changes as of December 31st of 2024: Figures for October 2024 have been added.

Changes as of November 29th of 2024: Figures for September 2024 have been added.

Changes as of November 19th of 2024: This table has also been revised for 2015 to 2021 as a result of new methods that have also been applied for 2022 and 2023. This concerns the following components: final energy consumption of LPG, distribution of final energy consumption of motor gasoline and sector classification of gas oil/diesel within the services. This concerns changes of a maximum of a few PJ.

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.

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

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

This statistic displays the distribution of the global oil demand in 2017, and a projection for 2030 and 2050, by sector. By 2050, it is estimated that the passenger vehicles sector will account for 22 percent of the global demand for oil.

Key information about Italy Oil Consumption

• Italy Oil Consumption was reported at 1,221.035 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 1,236.406 Barrel/Day th for Dec 2022
• Italy Oil Consumption data is updated yearly, averaging 1,814.703 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 2,035.513 Barrel/Day th in 1979 and a record low of 978.986 Barrel/Day th in 1965
• Italy 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

Diesel and gasoil account for the highest oil products demand share in the world. In 2023, these products made up some 28.38 percent of total oil demand. This figure is expected to decrease slightly by 2050, with jet fuel and kerosene expected to see the greatest increase in demand shares. Daily global crude oil demand is expected to climb over 100 million barrels in 2023.

Forecast: Diesel Oil Consumption in Industry in China 2023 - 2027 Discover more data with ReportLinker!

Crude Oil Consumption: Fujian data was reported at 25.810 Ton mn in 2022. This records a decrease from the previous number of 28.397 Ton mn for 2021. Crude Oil Consumption: Fujian data is updated yearly, averaging 5.483 Ton mn from Dec 1995 (Median) to 2022, with 28 observations. The data reached an all-time high of 28.397 Ton mn in 2021 and a record low of 2.250 Ton mn in 1995. Crude Oil Consumption: Fujian data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBB: Crude Oil Consumption.

Since 1998, the overall volume of oil imports into Europe increased from approximately 11 million barrels per day to around 12.8 million in 2023. Figures peaked in 2017, at around 15 million barrels of oil daily. Since then, European oil imports have been on a mostly declining trend. In recent years, the European Union’s share of crude oil imports amounted to 15 percent of the global volume. Production falls The increase in oil imports coincides with a fall in oil production. At the turn of the century, oil production in the European Union amounted to 168 million metric tons. By 2023, this had fallen to just 16 million metric tons. Europe's oil consumption Throughout the EU, Germany consumes the largest quantity of oil. Demand in the country amounted to nearly two million barrels per day in 2023. In comparison, France had the second highest demand in the region, at 1.3 million barrels per day.

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