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

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.

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

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

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.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

During the last quarter of 2024, the crude oil prices in the United States reached 61 USD/MT in December. The market saw changes in policy and supply chain interruptions influencing price fluctuations. Due to supply limitations after Libyan production halted and hurricane-related damage in the Gulf of Mexico, oil prices briefly increased in October.

Explore IMARC's latest publication, “Crude Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the crude oil market, providing insights into both global and regional trends that are shaping prices.

Peru Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data was reported at 0.000 Metric Ton th in Oct 2024. This stayed constant from the previous number of 0.000 Metric Ton th for Sep 2024. Peru Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data is updated monthly, averaging 8.000 Metric Ton th from Jan 2009 (Median) to Oct 2024, with 190 observations. The data reached an all-time high of 508.000 Metric Ton th in Aug 2012 and a record low of -355.000 Metric Ton th in Dec 2013. Peru Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Peru – Table PE.JODI.WDB: Energy Balance: Oil. Including lease condensate; Differences between observed supply flows and Refinery intake or Demand

Costa Rica Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data was reported at 0.000 Barrel/Day th in Dec 2022. This stayed constant from the previous number of 0.000 Barrel/Day th for Nov 2022. Costa Rica Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data is updated monthly, averaging 0.000 Barrel/Day th from Jan 2009 (Median) to Dec 2022, with 168 observations. The data reached an all-time high of 0.000 Barrel/Day th in Dec 2022 and a record low of 0.000 Barrel/Day th in Dec 2022. Costa Rica Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Costa Rica – Table CR.JODI.WDB: Energy Balance: Oil. Including lease condensate; Differences between observed supply flows and Refinery intake or Demand

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.

In February 2025, the average price of one barrel of Brent crude oil was 75.44 U.S. dollars. This was some four U.S. dollars below prices the previous month as demand for oil was expected to stagnate in the coming months. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past twenty years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

The consumption of oil has steadily increased over the last three decades, totaling 4.53 billion metric tons in 2023, compared to 4.42 billion metric tons consumed the previous year. The only decline during this period was observed around the 2008-2009 financial crisis and around the 2020 coronavirus pandemic. Regional oil consumption The United States and China are the countries with the highest oil consumption. Overall, oil consumption worldwide reached a new high in 2023, when it exceeded 4.5 billion metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some 5.3 percent. In the United States, high consumption levels were held up by demand for petrochemicals as well as increased industrial production and demand for transportation by trucks. What is crude oil? Crude oil is a mixture of hydrocarbons from plant animal life that was formed under immense pressure. It generally exists in liquid form and can be found in underground pools or reservoirs, in small spaces within sedimentary rocks, and near the Earth’s surface as a tar (also known as oil sands). In turn, crude oil and other hydrocarbons in natural gases are refined to form petroleum products such as gasoline and jet fuel.

During the Q2 of 2024, the price of white oil in the United States reached 1638 USD/MT in June. The U.S. market exhibited stability, driven by a steady supply-demand outlook and regular refinery functions. Despite fluctuating rates of crude oil and minor geopolitical conflicts, the market remained resilient, with only slight seasonal price variations due to increased demand for cosmetic products during summer. In confluence with this, prices remained static compared to earlier quarters, reflecting a dependable pricing environment, ensuring minimal disruption in the white oil market.

Palm Oil decreased 155 MYR/MT or 3.49% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on March of 2025.

Ecuador Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data was reported at 0.000 Barrel/kton in Dec 2024. This stayed constant from the previous number of 0.000 Barrel/kton for Nov 2024. Ecuador Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data is updated monthly, averaging 0.000 Barrel/kton from Jan 2009 (Median) to Dec 2024, with 192 observations. The data reached an all-time high of 0.000 Barrel/kton in Dec 2024 and a record low of 0.000 Barrel/kton in Dec 2024. Ecuador Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Ecuador – Table EC.JODI.WDB: Energy Balance: Oil. Including lease condensate; Differences between observed supply flows and Refinery intake or Demand

This table contains 6414 series, with data for years 1978 - 2001 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (16 items: Canada;Atlantic provinces;Newfoundland and Labrador;Prince Edward Island; ...); Fuel type (27 items: Total primary and secondary energy;Primary energy;Coal;Crude oil; ...); Supply and demand characteristics (49 items: Production;Exports;Imports;Inter-regional transfers; ...).

Austria Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data was reported at 0.000 Barrel/Day th in Dec 2024. This records an increase from the previous number of -0.491 Barrel/Day th for Nov 2024. Austria Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data is updated monthly, averaging -0.119 Barrel/Day th from Jan 2009 (Median) to Dec 2024, with 192 observations. The data reached an all-time high of 20.531 Barrel/Day th in Feb 2014 and a record low of -28.497 Barrel/Day th in Apr 2014. Austria Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Austria – Table AT.JODI.WDB: Energy Balance: Oil. Including lease condensate; Differences between observed supply flows and Refinery intake or Demand

Dominican Republic Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data was reported at 0.000 Metric Ton th in Dec 2022. This stayed constant from the previous number of 0.000 Metric Ton th for Nov 2022. Dominican Republic Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data is updated monthly, averaging 0.000 Metric Ton th from Jan 2009 (Median) to Dec 2022, with 168 observations. The data reached an all-time high of 0.000 Metric Ton th in Dec 2022 and a record low of 0.000 Metric Ton th in Dec 2022. Dominican Republic Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Dominican Republic – Table DO.JODI.WDB: Energy Balance: Oil. Including lease condensate; Differences between observed supply flows and Refinery intake or Demand

Slovenia Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data was reported at 0.000 Barrel/Day th in Nov 2024. This stayed constant from the previous number of 0.000 Barrel/Day th for Oct 2024. Slovenia Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data is updated monthly, averaging 0.000 Barrel/Day th from Jan 2009 (Median) to Nov 2024, with 191 observations. The data reached an all-time high of 0.000 Barrel/Day th in Nov 2024 and a record low of 0.000 Barrel/Day th in Nov 2024. Slovenia Energy Balance: Primary: Total Crude: Crude Oil: Statistical Difference data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Slovenia – Table SI.JODI.WDB: Energy Balance: Oil. Including lease condensate; Differences between observed supply flows and Refinery intake or Demand