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 and China are the top largest consumers of oil in the world, totaling ********** and ************ 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.

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.

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.

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 average for 2022 based on 25 countries was 204.82 thousand barrels per day. The highest value was in the USA: 4025.57 thousand barrels per day and the lowest value was in Montserrat: 0.09 thousand barrels per day. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

Mali: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Mali de 1980 à 2014. La valeur moyenne pour Mali pendant cette période était de 3.93 thousand barrels per day avec un minimum de 1.6 thousand barrels per day en 1988 et un maximum de 7.5 thousand barrels per day en 2013.

The average for 2014 based on 21 countries was 422.29 thousand barrels per day. The highest value was in Brazil: 3144 thousand barrels per day and the lowest value was in Haiti: 18 thousand barrels per day. The indicator is available from 1980 to 2014. Below is a chart for all countries where data are available.

The average for 2014 based on 26 countries was 944.73 thousand barrels per day. The highest value was in the USA: 19106 thousand barrels per day and the lowest value was in Montserrat: 0.6 thousand barrels per day. The indicator is available from 1980 to 2014. Below is a chart for all countries where data are available.

États-Unis: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la États-Unis de 1980 à 2014. La valeur moyenne pour États-Unis pendant cette période était de 18181.71 thousand barrels per day avec un minimum de 15231 thousand barrels per day en 1983 et un maximum de 20802 thousand barrels per day en 2005.

Paraguay: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Paraguay de 1980 à 2014. La valeur moyenne pour Paraguay pendant cette période était de 21.33 thousand barrels per day avec un minimum de 9 thousand barrels per day en 1982 et un maximum de 36 thousand barrels per day en 2012.

Panama: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Panama de 1980 à 2014. La valeur moyenne pour Panama pendant cette période était de 83.71 thousand barrels per day avec un minimum de 52 thousand barrels per day en 2008 et un maximum de 136 thousand barrels per day en 2014.

Haïti: Oil consumption, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Administration fournit des données pour la Haïti de 1980 à 2014. La valeur moyenne pour Haïti pendant cette période était de 9.39 thousand barrels per day avec un minimum de 3.7 thousand barrels per day en 1994 et un maximum de 18 thousand barrels per day en 2014.

Oil consumption in Central and South America has been fluctuating in recent years. In 2023, consumption reached 6.4 million barrels per day, an increase of roughly 3.2 percent in comparison to the previous year.

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 2024, Europe imported more oil and its products than any other region across the globe, at roughly ************ barrels per day. China followed closely as the second-largest importer, with ************ 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 ****** in the past decade, oil production in China has remained more or less stable in the period, with an average output of ************ barrels per day. In contrast, China's oil consumption has about ******* since the beginning of the century, with demand registering a year-over-year growth of almost *** 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 *** percent in the first quarter of 2024.