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.

Oil consumption worldwide reached approximately 100.2 million barrels per day in 2023. This was an increase of around three percent in comparison to the previous year, when global oil consumption experienced a drop as a result of the pandemic-enforced mobility restrictions which, in turn, led to a decline in transportation fuel demand. 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 four 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

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.

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 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

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.

Germany: Oil consumption, thousand barrels per day: The latest value from 2014 is 2374 thousand barrels per day, a decline from 2435 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 Germany from 1991 to 2014 is 2676.79 thousand barrels per day. The minimum value, 2374 thousand barrels per day, was reached in 2014 while the maximum of 2923 thousand barrels per day was recorded in 1998.

Laos: Diesel and heating oil consumption, thousand barrels per day: The latest value from 2023 is 18.61 thousand barrels per day, an increase from 17.58 thousand barrels per day in 2022. In comparison, the world average is 145.86 thousand barrels per day, based on data from 190 countries. Historically, the average for Laos from 1980 to 2023 is 6.22 thousand barrels per day. The minimum value, 0.22 thousand barrels per day, was reached in 1982 while the maximum of 18.61 thousand barrels per day was recorded in 2023.

The USA: Diesel and heating oil consumption, thousand barrels per day: The latest value from 2023 is 3916.13 thousand barrels per day, a decline from 4025.57 thousand barrels per day in 2022. In comparison, the world average is 145.86 thousand barrels per day, based on data from 190 countries. Historically, the average for the USA from 1980 to 2023 is 3535.25 thousand barrels per day. The minimum value, 2670.86 thousand barrels per day, was reached in 1982 while the maximum of 4195.91 thousand barrels per day was recorded in 2007.

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 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

In 2023, the United States consumed nearly 19 million barrels of oil daily. In comparison to the previous year, figures increased by around 0.6 percent. Within the period of consideration the figure peaked at 20.8 million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world. Domestic production U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to 16.6 million barrels per day, while figures in 2008 stood at 6.8 million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of two billion barrels in 2023. New Mexico was the second largest producer, at a quarter of Texas’ production. American oil companies As of June 2024, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking second and seventh, respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move it's headquarters further South to its Houston campus) and generated an operating revenue of 344 billion U.S. dollars in 2023. This figure represented an increase in comparison to 2021, when the company’s revenue dropped as a consequence of the coronavirus pandemic.

Mali: Oil consumption, thousand barrels per day: The latest value from 2014 is 7.5 thousand barrels per day, unchanged from 7.5 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 Mali from 1980 to 2014 is 3.93 thousand barrels per day. The minimum value, 1.6 thousand barrels per day, was reached in 1988 while the maximum of 7.5 thousand barrels per day was recorded in 2013.

Key information about Germany Oil Consumption

• Germany Oil Consumption was reported at 1,954.716 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 2,072.366 Barrel/Day th for Dec 2022
• Germany Oil Consumption data is updated yearly, averaging 2,632.047 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 3,336.601 Barrel/Day th in 1979 and a record low of 1,708.632 Barrel/Day th in 1965
• Germany 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 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

Daily oil demand declined across all major oil consuming regions in February 2020 and fell to a low in April 2020, the following months are expected to see a slow recovery. In June 2020, oil demand is expected to amount to 20 million barrels per day in North America.

The Central African Republic: Oil consumption, thousand barrels per day: The latest value from 2014 is 3 thousand barrels per day, an increase from 2.8 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 Central African Republic from 1980 to 2014 is 1.96 thousand barrels per day. The minimum value, 1 thousand barrels per day, was reached in 1980 while the maximum of 3 thousand barrels per day was recorded in 2014.

This statistic shows the daily oil consumption worldwide from 1980 to 2008, with forecasted figures for 2015 and 2030. In 2008, global oil consumption amounted to 85 million barrels a day. It is forecasted that the global consumption of oil will amount to some 105 million barrels per day in 2030.

Key information about Netherlands Oil Consumption

• Netherlands Oil Consumption was reported at 850.292 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 826.935 Barrel/Day th for Dec 2022
• Netherlands Oil Consumption data is updated yearly, averaging 783.680 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,025.723 Barrel/Day th in 2007 and a record low of 477.892 Barrel/Day th in 1965
• Netherlands 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