In 2023, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures increased 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 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 ****** 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 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 ************* barrels per day in 2023. This was an increase of around ***** 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 **** 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.

Crude Oil Production in the United States increased to 13488 BBL/D/1K in March from 13240 BBL/D/1K in February 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.

Worldwide consumption for liquid fuels reached 102.57 million barrels per day in April 2025. Figures are expected to increase over the summer months. In 2025, global crude oil demand was forecast to average some 105.5 million barrels per day. Regional differences For the last few years, liquid fuel consumption has stayed relatively constant across regions. Despite seasonal and economic variances affecting demand patterns, fluctuations have been slight. In Europe, liquid fuel consumption tended to stay below 14 million barrels per day. U.S. still greatest petroleum consumer The United States remains the largest consumer of petroleum. The fossil fuel serves a great array of functions, from being a feedstock in the petrochemical industry to its use as a raw material for transportation fuels. Population numbers, economic size, industry presence, and wealth of its residents all contribute to a country’s need for this commodity. In the U.S., petroleum consumption amounts to nearly one billion metric tons, more than the combined consumption of both China and India.

Snapshot img { margin: 10px !important; } The fuel oil market size will decrease by USD 84.77 billion during 2020-2024. This report provides a detailed analysis of the market by application (marine, industrial, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina(Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.

Market Overview

Browse TOC and LoE with selected illustrations and example pages of Fuel Oil Market

Request a FREE sample now!

Market Competitive Analysis

The fuel oil market is fragmented with numerous vendors that produce and supply fuel oil to customers. Vendors need to make high capital investments to remain competitive in the market. BP Plc, Chevron Corp., and Exxon Mobil Corp. are some of the major market participants. Although the rise in world energy demand will offer immense growth opportunities, the fluctuations in crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

BP Plc
Chevron Corp.
Exxon Mobil Corp.
JXTG Holdings Inc.
PJSC LUKOIL
PT Pertamina(Persero)
Qatar Petroleum
Reliance Industries Ltd.
Royal Dutch Shell Plc
SK Innovation Co. Ltd.

Fuel Oil Market: Segmentation by Application

Request for a FREE sample and Get more information on the market contribution of various segments

The primary requirement of any marine engine is to propel the ship or generate onsite power by using the energy obtained from burning fuel oil. The mega marine engines of ships burn tons of fuel every day to propel the massively loaded ships. The rise in demand for bunker fuel oil due to the growing seaborne trade and growing naval activities will drive the demand for fuel oil for marine.

However, market growth in this segment will be slower than the growth of the market in the industrial and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel oil market size.

Fuel Oil Market: Segmentation by Geography

For more insights on the market share of various regions Request for a FREE sample now!

North America will offer several growth opportunities to market vendors during the forecast period. The strong consumption of space heating fuel, growing refinery capacity, and proliferating marine trade will significantly influence fuel oil market growth in this region over the forecast period. The US is a key market for fuel oil in North America.

Fuel Oil Market: Key Drivers and Trends

The fluctuation in oil prices has affected the business of several oil and gas companies and refinancing companies. As a result, crude oil processing projects generate less revenue and many oil and gas companies suspend or postpone their exploration and production projects. Fluctuations in crude oil prices also impact investments in E&P and refining projects. Such factors will result in a slowdown in the growth of the global fuel oil market during the forecast period.

The adoption of blockchain in the oil and gas industry helps in overcoming several issues including the complexity of logistics, high fuel prices, and environmental pollution. Blockchain platforms facilitate secure and faster transactions between the entities and maintain transparency. Blockchain also helps in reducing cash cycle time and intermediary costs. These benefits will result in an increase in the adoption of blockchain to enhance the overall operational efficiency of the existing refineries. As a result of such factors, the fuel oil market will register a CAGR of (13)% during the forecast period.

Request for a FREE sample

Fuel Oil Market: Key Highlights of the Report for 2020-2024

CAGR of the market

The size of the U.S. Olive Oil Market was valued at USD 3.34 billion in 2023 and is projected to reach USD 5.51 billion by 2032, with an expected CAGR of 7.4 % during the forecast period. The U.S. olive oil market has been continuously growing, due to rising health-conscious consumer behavior and growing awareness of the benefits of olive oil. Extra virgin olive oil is valued for its heart-healthy fats, antioxidants, and anti-inflammatory properties, which have made it popular as a cooking and salad dressing staple. As more American consumers embrace Mediterranean diets, demand for premium, high-quality olive oil has increased. The market has also been impacted by the growth in culinary tourism and food bloggers who emphasize authentic and high-quality ingredients. With the increasing trend toward organic and sustainably sourced food, there is a rising preference for olive oils that are certified organic and traceable to their origin. The U.S. market is also diversifying olive oil products, including flavored oils and smaller, artisanal brands, offering consumers a wider range of choices. This growth trajectory continues to indicate expansion in the U.S. olive oil market. Recent developments include: In September 2024, Corto Olive Co. launched its limited-edition Harvest 2024 Agrumato-Method Calabrian Chili Olive Oil, perfect for enhancing fall and holiday recipes. This unique oil combines the vibrant flavors of fresh heirloom Calabrian chilies and fall-harvest olives, delivering a complex and multi-dimensional taste experience. Renowned for its 100% California-grown olive oil, Corto aims to inspire home chefs seeking to add a spicy twist to their culinary creations this season. , In April 2024, Filippo Berio teamed up with the Alzheimer’s Drug Discovery Foundation to raise awareness and fund research for Alzheimer’s disease and related dementias. This partnership aligns with emerging research suggesting that olive oil may benefit both cardiovascular and brain health. The collaboration aims to promote awareness of lifestyle changes, particularly healthy dietary choices, that can positively impact brain health, helping consumers make informed health decisions. , In March 2024, California Olive Ranch (COR), a leading producer of extra virgin olive oil (EVOO) and related types, launched its new Chef's Bottles, designed to provide a versatile and user-friendly option for enjoying high-quality EVOO in everyday cooking. This type follows COR's recent expansions, which include a 100% California EVOO Bag-in-Box and a recyclable aluminum bottle line. The Chef's Bottle offers improved pouring control and reflects the brand's dedication to California's stringent quality standards, which are recognized as the highest in the world for EVOO .

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.

The US Oil and Gas Downstream Refining industry, currently exhibiting a Compound Annual Growth Rate (CAGR) of 0.97%, presents a complex landscape shaped by various factors. The market size, while not explicitly stated, can be reasonably estimated based on global trends and the prominence of US players. Considering the significant contribution of major companies like Marathon Petroleum Corp, Phillips 66, Valero Energy Corporation, Exxon Mobil Corporation, and Shell Plc, the market is likely in the hundreds of billions of dollars. Key drivers include increasing global energy demand, particularly in developing economies, and the ongoing shift towards more sophisticated refined products like petrochemicals. However, stringent environmental regulations, fluctuating crude oil prices, and the rise of renewable energy sources pose significant restraints. The industry is segmented into refining and petrochemicals, with the refining segment likely dominating due to the fundamental need for gasoline, diesel, and jet fuel. Growth in the petrochemicals segment is expected to be driven by the increasing demand for plastics and other chemical products. Regional analysis suggests strong performance in North America, driven by domestic production and consumption, while international markets, particularly in Asia Pacific and Europe, experience varying growth depending on local regulations and economic conditions. The forecast period (2025-2033) will see continued competition among established players, along with potential for consolidation and strategic partnerships. Further analysis reveals significant opportunities for growth within specialized refining technologies focusing on efficiency improvements and reduced emissions. The industry is actively pursuing innovations to mitigate environmental impact, including carbon capture and storage technologies. Government policies, including tax incentives for cleaner fuels and regulations aimed at reducing emissions, play a critical role in shaping industry trajectory. Furthermore, the fluctuating geopolitical landscape significantly influences crude oil prices and subsequently impacts profitability within the downstream refining sector. Therefore, strategic risk management and adaptation to evolving global dynamics are crucial for success in this sector. Recent developments include: In June 2024, the United States announced refining capacity expansion of around 1.5% to 18.38 million barrels per day (bpd) in 2023. The expansion in the capacity was due to the expansion of Exxon Mobil's Texas refinery.. Key drivers for this market are: 4., Increasing Demand for Petroleum Products4.; Upcoming Investment in the Refining Sector. Potential restraints include: 4., Increasing Demand for Petroleum Products4.; Upcoming Investment in the Refining Sector. Notable trends are: Refining Sector to Register a Modest Growth.

The consumption of gasoline in the United States amounted to some 8.88 million barrels per day in June 2025. In the period of consideration, gasoline consumption reached its highest four-week average in July 2024. Consumption is generally highest in the summer months. Gasoline production and sales The U.S. reported a decrease in domestic motor gasoline refinery production in recent years, although gasoline sales remained at all-time highs. Meanwhile, in 2024, real gasoline prices for end users fell to their lowest value in four years due to downward pressure on crude oil prices. Gasoline vs diesel Both diesel and gasoline are derived from crude oil. Gasoline, however, undergoes a more extensive refining process, resulting in a more volatile compound compared to diesel. This characteristic accelerates the combustion of gasoline, yielding greater horsepower in practical applications. Diesel's advantage lies in its slower burn, which makes it especially fuel efficient and more favorable for heavy-duty vehicles. The average consumption of diesel fuel in the United States stood at 3.46 million barrels per day in June 2025.

U.S. downstream oil and gas market was valued at USD 18.8 Million in 2023 and is projected to reach USD 20.8 Million by 2031, growing at a CAGR of 6.5% from 2024 to 2031.

Increasing Energy Demand: The demand for energy in the U.S. continues to grow, driven by population growth, industrial activities, and transportation. According to the U.S. Energy Information Administration (EIA), the U.S. petroleum consumption in 2023 was approximately 20.25 million barrels per day, highlighting the steady demand for refined products like gasoline and diesel.

Technological Advancements in Refining: nnovations in refining technologies, such as hydrocracking and catalytic cracking, are improving efficiency and increasing the production of high-value products. This is driving growth in the downstream sector, with companies like ExxonMobil and Chevron investing in digital and automated refining systems to enhance throughput and reduce costs.

Petrochemical Growth: The petrochemical industry is a major contributor to the downstream oil and gas market, as petrochemicals are used in a variety of products, including plastics, fertilizers, and medicines. In 2022, the U.S. produced about 40% of global ethylene, a key petrochemical feedstock, reinforcing the importance of petrochemicals in the downstream value chain.

Crude oil is the greatest cost component determining diesel retail prices in the United States. In February 2025, 49 percent of the diesel retail price was set by crude oil costs. That month, one gallon of diesel sold for an average of 3.68 U.S. dollars. U.S. diesel prices have generally stagnated in early 2025. Fuel consumption remains high despite higher prices Diesel and gasoline prices have experienced significant fluctuations over the past decades. In 2024, the average gasoline price stood at 3.3 U.S. dollars per gallon, a decrease from the 2022 peak but still higher than early 2000s levels. Despite these changes, U.S. gasoline consumption has remained high, averaging around 8.5 million barrels per day in 2024, with seasonal variations affecting demand. Tax impact on fuel costs across states Taxes play a significant role in determining fuel prices, with state-level differences creating notable price variations across the country. As of 2023, the average state tax for gasoline was 30.5 U.S. cents per gallon, while diesel faced a slightly higher average tax of 33.15 U.S. cents. These taxes contribute to the overall retail price and are often reinvested in road infrastructure. California, for instance, imposes some of the highest gasoline taxes in the country, reaching 68.1 U.S. cents per gallon in January 2024, which significantly impacts the state's fuel prices.

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

Snapshot img

Petroleum Liquid Feedstock Market Size 2024-2028

The petroleum liquid feedstock market size is forecast to increase by USD 77.22 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth, driven by the rapid expansion of the transportation sector. This sector's increasing demand for fuel is leading to a wave in the consumption of petroleum liquid feedstocks. Another trend influencing the market is the adoption of blockchain technology in the oil and gas refining industry. Blockchain's transparency and security features are expected to streamline operations, reduce costs, and enhance efficiency in the refining process. Hydrocarbons, such as naphthalene, xylene, benzene, toluene, and heavy naphtha, are essential hydrocarbon feedstocks used in the production of industrial solvents, fuels, and other oil-based commodities. However, the market's growth is not without challenges. The volatility in global crude oil prices continues to pose a significant threat to market stability, making it essential for market players to adopt strategies that mitigate price risks and ensure long-term profitability.

Request Free Sample

The petrochemical industry relies heavily on petroleum liquid feedstocks as the primary raw material for producing a wide range of chemicals, polymers, and other petrochemical products. The automotive fleet and the energy sector are significant consumers of these products, with motor vehicles utilizing petrochemicals for fuel and in the production of plastics and textiles. Petrochemical plants and refineries are the primary sources of these feedstocks, which include oil naphtha, coal naphtha, and wood naphtha.

The petrochemical industry's demand for these feedstocks is expected to grow due to increasing demand from the automotive and energy sectors. Crude material, such as unrefined petroleum, is the primary source of these feedstocks. Oil organizations play a crucial role in the production and distribution of these feedstocks to meet the growing demand from various industries. With the rise of electric vehicles, the demand for traditional fuels may decrease, but the demand for petrochemical products derived from these feedstocks is expected to remain strong due to their wide range of applications.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD Billion' for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

Type

  Naphtha
  Gasoil


Application

  Industrial solvents
  Cleaning fluids
  Adulterant to petrol
  Gasoline
  Others


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    India


  South America



  Middle East and Africa

By Type Insights

The naphtha segment is estimated to witness significant growth during the forecast period. The petrochemical industry relies heavily on petroleum liquid feedstock derived from crude oil for the production of various chemicals, polymers, and petrochemical products. In the refining process, crude oil undergoes primary distillation, resulting in the production of naphtha. This fractional distillation separates hydrocarbons based on their boiling points, yielding light and heavy naphtha. Light naphtha is primarily used as a feedstock for the synthesis of ethylene, which is further processed to produce synthetic rubber and other essential polymers. Conversely, heavy naphtha serves as a feedstock for the production of high-octane gasoline and aromatics, such as benzene, xylene, and toluene, essential for the automotive fleet and energy sector.

Moreover, naphtha is also used as marine fuel, bunkers, and motor vehicle fuel. With the increasing focus on cleaner energy sources and climate change mitigation, the petrochemical industry is exploring alternative feedstocks, such as biofuels, renewable feedstocks, biomass, waste oils, and even carbon fiber. Simultaneously, the exploration of unconventional crude oil deposits, including shale gas and offshore drilling, continues to expand refinery capacity. Data analytics plays a crucial role in optimizing refinery operations and enhancing the overall efficiency of the petrochemical sector. The chemical sector also utilizes naphtha, coal naphtha, and other hydrocarbons as feedstocks for steam crackers to produce essential chemicals, such as octane, propylene, and butadiene.

The integration of LNG terminals and gas imports further expands the availability of feedstocks, ensuring a steady supply to meet the growing demand for petrochemical products in various industries, including textiles, plastics, and the energy sector.

Get a glance at the market share of various segments Request Free Sample

The Naphtha segment accounted for USD 220.99 billion in 2018 and showed a gradual increase during the forecast

In 2024, the export price for one barrel of the Urals crude oil was expected to reach ** U.S. dollars. In the following year, the Russian government expected it to decrease slightly, and in 2027, it was projected to reach **** U.S. dollars per barrel. Urals is Russia's major export oil brand. Crude oil prices in Russia Different types of oil, such as light-weight, low-sulfur (light-sweet) grades and heavier, higher-sulfur (heavy-sour) crudes, can create differences in oil prices. Prices of a barrel of crude oil tend to fluctuate throughout the year due to factors like sulfur content, specific gravity, and location. In recent years, the price of Russian Urals crude oil reached a high of almost ** U.S. dollars per barrel in February 2022 and a low of **** U.S. dollars per barrel in April 2020. The Urals oil is used as a basis for Russian export oil mixture – a mix of heavy, high-oil from the Urals and Volga region and a light Siberian oil. The oil and gas industry account for a large majority of the country’s export income. Many global sources of crude oil are located in areas that are prone to political upheavals or have production disrupted by political events. Prices of major crude oil blends In comparison, the West Texas Intermediate crude oil price was estimated at **** U.S. dollars per barrel in 2024. Furthermore, Dubai Fateh oil prices have fluctuated in the past decade, having reached **** U.S. dollars per barrel in 2023. Prices of petroleum products fluctuate in parallel with crude oil prices but can also depend on seasonality, market factors, or refining outages. Petroleum products like gasoline, diesel, and petrochemical feedstocks are usually the most relevant to consumers.

The consumption of oil has steadily increased over the last three decades, totaling ************ metric tons in 2023, 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.