In 2024, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures decreased by around *** percent. Within the period of consideration, the figure peaked at **** 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 **** million barrels per day, while figures in 2008 stood at *** million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of *** billion barrels in 2024. New Mexico was the second largest producer, at a third of Texas’ production. American oil companies As of June 2025, 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 ****** and ******** 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 its headquarters further South to its Houston campus) and generated an operating revenue of *** 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.

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

The transportation sector is the greatest consumer of petroleum in the United States. In 2024, it was responsible for the consumption of roughly 13.8 million barrels of petroleum per day. The industrial sector followed, using an average of 5.4 million barrels per day.

The United States consumed 23.5 million barrels of petroleum and petroleum products per day in 2024. This figure represents an increase compared to the previous two years. Overall, petroleum use in the U.S. grew within the period of consideration.

The United States consumed ***** million metric tons of oil in 2023. This represented a slight increase in comparison to the previous year. Oil consumption in the United States reaxhed a record low in 2020. Liquid fuels are the country's main energy source.

The consumption of oil has steadily increased over the last three decades, totaling ************ metric tons in 2024, compared to ************ 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 *********** metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some *** 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.

Crude Oil Production in the United States increased to 13468 BBL/D/1K in April from 13450 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

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.

United States US: Fossil Fuel Energy Consumption: % of Total data was reported at 82.776 % in 2015. This records a decrease from the previous number of 82.935 % for 2014. United States US: Fossil Fuel Energy Consumption: % of Total data is updated yearly, averaging 87.236 % from Dec 1960 (Median) to 2015, with 56 observations. The data reached an all-time high of 95.982 % in 1967 and a record low of 82.776 % in 2015. United States US: Fossil Fuel Energy Consumption: % of Total data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Energy Production and Consumption. Fossil fuel comprises coal, oil, petroleum, and natural gas products.; ; IEA Statistics © OECD/IEA 2014 (http://www.iea.org/stats/index.asp), subject to https://www.iea.org/t&c/termsandconditions/; Weighted average; Restricted use: Please contact the International Energy Agency for third-party use of these data.

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.

This dataset provides values for CRUDE OIL CONSUMPTION. reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Forecast: Oil Consumption in the US 2022 - 2026 Discover more data with ReportLinker!

United States US: Electricity Production From Oil Sources: % of Total data was reported at 0.904 % in 2015. This records a decrease from the previous number of 0.923 % for 2014. United States US: Electricity Production From Oil Sources: % of Total data is updated yearly, averaging 4.834 % from Dec 1960 (Median) to 2015, with 56 observations. The data reached an all-time high of 17.167 % in 1977 and a record low of 0.774 % in 2012. United States US: Electricity Production From Oil Sources: % of Total data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Energy Production and Consumption. Sources of electricity refer to the inputs used to generate electricity. Oil refers to crude oil and petroleum products.; ; IEA Statistics © OECD/IEA 2014 (http://www.iea.org/stats/index.asp), subject to https://www.iea.org/t&c/termsandconditions/; Weighted average; Electricity production shares may not sum to 100 percent because other sources of generated electricity (such as geothermal, solar, and wind) are not shown. Restricted use: Please contact the International Energy Agency for third-party use of these data.

Domestic palm oil consumption in the United States (U.S.) amounted to approximately 1.8 million metric tons in 2024. There has been a decrease of over 1,000 metric tons in comparison to the previous year. Palm oil in the U.S. Palm oil is an edible vegetable oil. It is used for food manufacturing as well as in non-edible products such as beauty products and biofuel. A division of palm oil usage in the U.S. by purpose type shows that the vast majority of palm oil is for edible usage. Palm oil is the third most frequently consumed type of edible oil in the United States. Americans consume about 1.8 million metric tons of palm oil, compared to about 11.6 and 2.8 million metric tons of soybean and rapeseed oil, respectively. The volume of imports of palm oil to the U.S. amounts to around 3.6 billion pounds annually. The market for palm oil worldwide Among the different types of vegetable oils consumed worldwide, palm oil is the most consumed type of vegetable oil. The worldwide consumption of palm oil amounts to more than 76.04 million metric tons. Palm oil also has the highest import volume of vegetable oils worldwide, with just under 50 million metric tons of imports annually. In total, the global production of vegetable oils is approximately 218 million metric tons and expected to increase further.

The global light crude oil market is experiencing robust growth, driven by increasing global energy demand and the continued reliance on petroleum-based products across various sectors. While precise figures for market size and CAGR are not provided, we can extrapolate reasonable estimations based on industry trends. Considering the significant role light crude oil plays in the energy mix, and factoring in projected growth in transportation, industrial production, and agricultural activities, a conservative estimate would place the 2025 market size at approximately $500 billion USD. Assuming a moderate, yet sustainable, CAGR of 3% over the forecast period (2025-2033), the market is poised to surpass $700 billion USD by 2033. Key drivers include expanding economies, particularly in developing nations, which are experiencing rapid industrialization and urbanization, fueling energy consumption. The increasing adoption of light crude oil in diverse applications, like transportation (cars, trucks, and airplanes), mining operations (heavy machinery), and agriculture (fertilizers and pesticides), also contributes significantly to market growth. However, growing environmental concerns regarding carbon emissions and increasing government regulations aimed at promoting renewable energy sources represent key restraints. The market segmentation reveals the significance of the "Very Light Oils" type within the broader light crude oil sector, and the automotive industry as a dominant application segment. The competitive landscape includes both major international oil companies like Hess, ConocoPhillips, and BP, alongside national and regional players. Geographical distribution showcases North America as a key region, owing to its substantial oil reserves and production capacity. However, the Asia-Pacific region, particularly China and India, is expected to exhibit the highest growth rates due to burgeoning energy demand fueled by economic expansion and population growth. Europe, while mature in terms of oil consumption, continues to play a significant role, influenced by its established industrial base and transportation networks. Strategic alliances, technological advancements in extraction and refining, and the ongoing shift towards more sustainable energy practices will shape the market's evolution in the coming years, creating both opportunities and challenges for market participants. Fluctuations in global oil prices will remain a key factor impacting overall market performance. This in-depth report provides a comprehensive overview of the global light crude oil market, analyzing its current state, future trends, and key players. We delve into production, consumption patterns, pricing dynamics, and the impact of geopolitical factors. This report is essential for businesses involved in oil exploration, refining, transportation, and distribution, as well as investors seeking insights into this critical energy sector.

The Middle East produces more oil than any other region in the world, accounting for slightly less than ******* of global oil production in 2024, at **** percent. Overall, Middle Eastern oil production makes up a slightly larger share of global production than it did ten years ago, but the contribution to worldwide oil production has risen most consistently in North America while declining in all other regions. Shifts in North American oil production Over the past decade, higher oil production in North America has largely been driven by the United States. In the last ten years, oil production in the United States has more than doubled, with its annual output only mildly affected by the coronavirus pandemic. Meanwhile, Canada's crude oil production has also increased in the period, although in a less consistent manner. The U.S. moves towards less dependency Oil prices from OPEC countries, many of which are in the Middle East, had been rising in the years leading up to the global recession, reaching a peak in 2012. As a result, the United States decreased oil imports, and investors capitalized on lower interest rates to develop technologies such as hydraulic fracturing (fracking) that would allow domestic oil extraction from wells deep underground that were once too hard to reach. In 2019, before oil demand was affected by the pandemic, the North American country's imports dipped below *** million barrels, a ** percent drop in comparison to a decade earlier.

Saudi Arabia’s crude oil exports in 2023 had a value of ***** billion U.S. dollars. This was the highest amount made by any crude oil exporting country that year and corresponded to a **** percent share of global crude exports based on value. What is crude oil and who are the largest producers? Crude oil is unrefined petroleum that is made up of hydrocarbons as well as other organic materials. It is a fossil fuel that can be refined to create products such as transportation and heating fuels, as well as plastics, resins, solvents, and lubricants. It is a nonrenewable resource, meaning that there is a limited amount of it on Earth and it cannot be replaced naturally at the same rate as our current global consumption. Global oil production stands at nearly ** million barrels per day. Oil production in Saudi Arabia It follows that as the greatest exporter based on value, Saudi Arabia is also one of the world’s largest oil producers. As of 2023, the Middle Eastern country and OPEC member state accounted for a **** percent share of oil produced, second only to the United States. As the U.S. is also the country with the highest oil consumption worldwide, it uses more oil domestically and exports less than its competitors. The U.S. export value was roughly half that of Saudi Arabia.

In 2023, China imported more oil and its products than any other region across the globe, at roughly 13.7 million barrels per day. Europe followed closely as the second-largest importer, with 12.8 million daily barrels. Chinese demand on the rise China has become the second largest oil consumer in the world, ranking only behind the U.S. However, while the latter saw its oil production more than double in the past decade, oil production in China has remained more or less stable in the period, with an average output of four million barrels per day. In contrast, China's oil consumption has about tripled since the beginning of the century, with demand registering a year-over-year growth of almost two percent in 2020, despite the coronavirus pandemic. Oil movement between Europe and Russia The European Economic Area, as well as Eastern European countries, also account for a high level of imports, as Russia is a major producer and exporter of oil, home to the largest proved oil reserves in Europe and Eurasia. Outside of Russia and former Soviet Union (FSU) countries, Norway and the United Kingdom are the only two European nations with significant oil production, yet still only a fraction of Russia’s. Nevertheless, the share of petroleum oil imported to the European Union from Russia has slowly declined in the past decade, to just below 2.8 percent in the first quater of 2024.