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

Oil consumption worldwide reached approximately ************* barrels per day in 2024. This was an increase of around ****percent in comparison to the previous year. 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 13642 BBL/D/1K in July from 13533 BBL/D/1K in June 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.

View yearly updates and historical trends for US Oil Consumption. from United States. Source: Energy Institute. Track economic data with YCharts analytics.

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 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.

Key information about United States Crude Oil: Production

• United States Crude Oil: Production was reported at 12,927.088 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 11,910.573 Barrel/Day th for Dec 2022
• US Crude Oil: Production data is updated yearly, averaging 8,135.663 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 12,927.088 Barrel/Day th in 2023 and a record low of 4,999.727 Barrel/Day th in 2008
• US Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

The United States sunflower-seed and safflower oil market is expected to see continued growth over the next decade due to increasing demand. Market performance is forecast to increase with a CAGR of +0.9% in volume and +2.4% in value from 2024 to 2035.

All data made available in bulk through the EIA Open Data API, including:

• the Annual Energy Outlook, the International Energy Outlook and the Short Term Energy Outlook;
• aggregate national, state, and mine-level coal production statistics, including imports and exports, reciepts of coal at electric power plants, consumption and quality, market sales, reserves, and productive capacity;
• U.S. electric system operating data;
• aggregate national, state, and plant-level electricity generation statistics, including fuel quality and consumption, for grid-connectedplants with nameplate capacity of 1 megawatt or greater;
• CO2 emissions aggregates, CO2 emissions and carbon coefficients by fuel, state, and sector;
• International Energy System (IES) data containing production, reserves, consumption, capacity, storage, imports, exports, and emissions time series by country for electricity, petroleum, natural gas, coal, nuclear, and renewable energy;
• statistics of U.S. natural gas production, imports, exploration, pipelines, exports, prices, consumption, stocks, and reserves;
• statistics of U.S. petroleum and other liquid fuel production, imports, refining, exports, prices, consumption, stocks, and reserves;
• aggregate national, PADD, state, city, port, and refinery petroleum imports data for various grades of crude oil and country of origin;
• state and national energy production and consumption, using survey and estimates to create comprehensive state energy statistics and flows;
• U.S. total energy production, prices, carbon dioxide emissions, and consumption of energy from all sources by sector.

Archived from https://www.eia.gov/opendata/bulkfiles.php. The Annual Energy Outlook data is also archived separately here.

This archive contains raw input data for the Public Utility Data Liberation (PUDL) software developed by Catalyst Cooperative. At present, PUDL integrates only a few specific data series related to fuel receipts and costs figures from the Bulk Electricity API. It is organized into Frictionless Data Packages. For additional information about this data and PUDL, see the following resources:

• The PUDL Repository on GitHub
• PUDL Documentation
• Other Catalyst Cooperative data archives

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 Vacuum Gas Oil (VGO) market, valued at $2162.3 million in 2025, is projected to experience robust growth, driven by the increasing global demand for transportation fuels and petrochemicals. The Compound Annual Growth Rate (CAGR) of 5.6% from 2025 to 2033 indicates a significant expansion, fueled by several key factors. Firstly, the rising global population and subsequent increase in energy consumption are primary drivers. This necessitates higher production of gasoline and diesel, both of which heavily rely on VGO as a crucial feedstock. Secondly, the ongoing shift towards cleaner fuels is impacting the market. While seemingly contradictory, the need for more efficient refining processes to meet environmental regulations indirectly boosts VGO demand as these processes often involve upgrading VGO into higher-value products. Finally, geographic expansion and investments in new refinery capacities, particularly in developing economies experiencing rapid industrialization, further contribute to market growth. However, fluctuations in crude oil prices and the potential adoption of alternative energy sources pose challenges to this growth trajectory. Segment-wise, the gasoline production application is expected to hold a larger market share compared to diesel/kerosene production due to the higher global consumption of gasoline-powered vehicles. Within VGO types, Heavy Vacuum Gas Oil (HVGO) likely commands a greater share given its suitability for various downstream applications. Major players such as Kuwait Petroleum Corporation (KPC), Axeon Specialty Products, and Marathon Oil are actively shaping the market landscape through strategic expansions, technological advancements, and mergers and acquisitions. Regional analysis suggests that North America and Asia Pacific will continue to be significant contributors to the market's growth, driven by robust economic activities and expanding refining capacities in these regions. While Europe and the Middle East & Africa will also see growth, their contributions may be comparatively less substantial. The overall market is expected to remain competitive, with ongoing consolidation and technological innovation likely shaping the future of the VGO landscape.

The United States Oil & Gas Upstream Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 4% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising oil & gas consumption due to the strong economy recovery and increasing population in the country.



Upstream refers to foremost operations stage in the oil & gas industry that involves exploration and production. Upstream, midstream, and downstream are the three segments of the oil & gas industry. Upstream stage includes drilling activities. It is farthest stage of operation from the end-user consumer in the oil & gas supply chain. Upstream is followed by midstream and downstream, which includes transportation of crude oil stage and refining and distribution phases respectively.

The upstream segment of the oil & gas industry consists of exploration activities, such as creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling. Oil & gas exploration involves siting potential locations for oil & gas drilling and extraction. Geological surveys are conducted using various methods such as testing subsoil for onshore exploration and seismic imaging for offshore exploration. Majority of the oil & gas production in the US relies on onshore activities.



The wells are grouped together in a field, ranging from a half acre per well for heavy crude oil to 80 acres per well for natural gas, in onshore drilling. The group of wells are connected by carbon steel tubes, which consist of the oil & gas to a production and processing facility through a chemical and heating process. Onshore production companies can turn on and off rigs more easily than offshore rigs, in response to the market conditions. Offshore drilling uses a single platform that consists of fixed or mobile support. It is a mechanical process where a wellbore is drilled below the seabed. It is carried out to explore and subsequently extract petroleum that lies in rock formations under the seabed<span style="font-fam

Northern America's refined sunflower-seed and safflower oil market is forecast to grow to 7.2M tons (volume) and $14.3B (value) by 2035. The US dominates consumption and production, while imports are rising significantly.

This dataset displays energy production estimates in trillion Btu by source and by state for the year 2005. Included in the data are figures on coal, natural gas, crude oil, nuclear, renewable, and total energy production. All of which are on a trillion Btu Scale. Data is available for all 50 US states, and the District of Columbia. This information is for the year 2005. Side Notes: Includes coal recovery, market production of natural gas, lease condensate included in the crude oil, and renewable energy consumption is used as proxy.

Crude Oil and Natural Gas Market Outlook

The global crude oil and natural gas market size was valued at approximately USD 2.5 trillion in 2023 and is expected to reach around USD 3.1 trillion by 2032, exhibiting a CAGR of 2.4% during the forecast period. The market's growth is significantly driven by the increasing global energy demand and ongoing industrialization in emerging economies. Other contributing factors include technological advancements in extraction and production methods, as well as geopolitical dynamics affecting supply chains and pricing.

One major growth factor is the rising global energy consumption, which continues to surge due to rapid industrialization and urbanization in countries like China, India, and Brazil. These nations are experiencing extensive growth in their manufacturing and transportation sectors, leading to higher demand for crude oil and natural gas. Additionally, natural gas is becoming increasingly popular as a cleaner alternative to coal for power generation, further boosting market demand. Innovations in extraction technologies, such as hydraulic fracturing and horizontal drilling, have also enabled access to previously untapped reserves, enhancing supply capabilities.

Another critical driver is the investment in infrastructure to support the growing energy needs. Governments and private entities are investing heavily in pipelines, refineries, and storage facilities to improve efficiency and ensure a steady supply of crude oil and natural gas. Moreover, advancements in liquefied natural gas (LNG) technologies are making it easier to transport gas over long distances, opening up new markets and driving international trade. The geopolitical landscape also plays a significant role, with oil-rich nations forming strategic partnerships and alliances to control and stabilize global oil prices.

The increasing focus on energy security is also propelling the market. Countries are keen to reduce their dependency on foreign oil and gas imports by investing in domestic production capabilities and exploring renewable energy sources. However, despite the push for renewables, crude oil and natural gas remain indispensable for many applications, including transportation, industrial processes, and residential heating. This dual focus on energy security and diversification continues to stimulate market growth while also promoting technological innovations aimed at increasing production efficiency and reducing environmental impacts.

Regionally, the market outlook varies significantly. North America, led by the United States, remains a dominant player due to its extensive shale gas reserves and technological advancements in drilling. Europe is focusing on diversifying its energy mix and reducing dependency on Russian gas, while Asia-Pacific is experiencing robust growth driven by industrialization and urbanization. The Middle East & Africa continues to be a crucial supplier, leveraging its vast reserves to meet global demand. These regional dynamics play a pivotal role in shaping the global market landscape, creating both opportunities and challenges for stakeholders.

Product Type Analysis

The crude oil segment remains the largest contributor to the overall market, driven by its extensive use in transportation fuels such as gasoline, diesel, and aviation fuel. Its applications extend beyond energy to the production of petrochemicals, which are essential for manufacturing plastics, synthetic rubber, and numerous other industrial goods. The demand for crude oil is also bolstered by its role in various industrial processes and the ongoing investments in refining capacities around the world. Innovations in refining technologies are further enhancing the efficiency and output of crude oil processing, making it a continually vital commodity.

Natural gas, on the other hand, is experiencing rapid growth as a cleaner and more efficient alternative to traditional fossil fuels. Its applications span from electricity generation to residential heating and cooking. The development of LNG technology has revolutionized natural gas distribution, enabling it to be transported across the globe and reach markets that were previously inaccessible. Additionally, natural gas is increasingly used in the industrial sector for processes requiring high thermal energy and in the production of chemicals like ammonia and methanol. The environmental advantages of natural gas, such as lower carbon emissions compared to coal and oil, are also contributing to its rising popularity.

Furthermore, the exploration and production seg

Discover the latest trends in the Northern American sunflower-seed and safflower oil market. With increasing demand expected to drive growth, the market is forecasted to reach 7.1M tons in volume and $13.8B in value by 2035.

Global oil production amounted to ************ barrels per day in 2024. The level of oil production reached an all-time high in 2024. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in 2020. Rising production and consumption Apart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry. Production by region and country While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Even though as a region the Middle East still produces the largest share of oil worldwide, the United States is currently the worl'ds largest producer of oil, followed by Saudi Arabia and Russia.

The article discusses the increasing demand for crude rape, colza, or mustard oil in Northern America, projecting a continuous upward trend in consumption over the next decade. It forecasts market performance to slow down, with a projected CAGR of +1.1% in volume and +2.6% in value from 2024 to 2035, reaching 5.1M tons and $6.3B, respectively, by the end of 2035.