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.

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.

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

Asia Pacific is the greatest consumer of oil and oil products in the world. In 2023, the region accounted for around 38 percent of total oil demand worldwide. This was up from 31.5 percent in 2010 and largely buoyed by greater Chinese oil consumption. Oil consumption in North America, as well as in Europe, experienced a decline in the same time period.

The average for 2014 based on 192 countries was 485.24 thousand barrels per day. The highest value was in the USA: 19106 thousand barrels per day and the lowest value was in Kiribati: 0.4 thousand barrels per day. The indicator is available from 1980 to 2014. Below is a chart for all countries where data are available.

The United States and China are the top largest consumers of oil in the world, totaling 19 million and 16.6 million barrels per day, respectively. In the last decade, the share of global oil consumption from Europe and North America have begun to decline, whereas consumption levels from Asia Pacific and other regions have risen. As other sources of energy become more cost effective and due to the prominence of new transportation technologies, oil consumption worldwide is expected to reach a peak in the near future. Refining oil Crude oil is refined into petroleum products, such as gasoline and diesel fuel, and used for a wide variety of products, although many refineries focus on transportation fuels. Generally, crude oil feedstocks are processed by an oil production plant and is an essential part of the downstream petroleum industry.

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

The Global Oil Demand dataset provides access to end-use product demand for gasoline, gasoil/diesel, kero/jet, residual fuel oil, LPG, naphtha, ethane, bitumen, crude burn, and other products.

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 Peru Oil Consumption

• Peru Oil Consumption was reported at 268.919 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 261.311 Barrel/Day th for Dec 2022
• Peru Oil Consumption data is updated yearly, averaging 136.933 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 268.919 Barrel/Day th in 2023 and a record low of 72.125 Barrel/Day th in 1965
• Peru 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 Argentina Oil Consumption

• Argentina Oil Consumption was reported at 689.692 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 723.458 Barrel/Day th for Dec 2022
• Argentina Oil Consumption data is updated yearly, averaging 494.477 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 723.458 Barrel/Day th in 2022 and a record low of 406.877 Barrel/Day th in 1990
• Argentina 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 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

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

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.

Key information about Latvia Oil Consumption

• Latvia Oil Consumption was reported at 36.000 Barrel/Day th in Dec 2022
• This records an increase from the previous number of 34.000 Barrel/Day th for Dec 2021
• Latvia Oil Consumption data is updated yearly, averaging 35.000 Barrel/Day th from Dec 1985 to 2022, with 38 observations
• The data reached an all-time high of 112.000 Barrel/Day th in 1985 and a record low of 26.000 Barrel/Day th in 2000
• Latvia 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 Uzbekistan Oil Consumption

• Uzbekistan Oil Consumption was reported at 125.983 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 125.765 Barrel/Day th for Dec 2022
• Uzbekistan Oil Consumption data is updated yearly, averaging 125.983 Barrel/Day th from Dec 1985 to 2023, with 39 observations
• The data reached an all-time high of 225.932 Barrel/Day th in 1989 and a record low of 86.958 Barrel/Day th in 2013
• Uzbekistan 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

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.

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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.

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