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 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

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.

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.

Key information about China Oil Consumption

• China Oil Consumption was reported at 16,576.537 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 14,969.983 Barrel/Day th for Dec 2022
• China Oil Consumption data is updated yearly, averaging 2,965.072 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 16,576.537 Barrel/Day th in 2023 and a record low of 215.494 Barrel/Day th in 1965
• China 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

OECD Americas is the region with the greatest oil demand, followed by China. In 2023, daily oil demand in the OECD Americas amounted to 25 million barrels. This figure is set to decrease to 21.5 million barrels by 2050, although it would remain the largest oil consuming region. India is forecast to see the greatest growth in daily oil demand, with figures expected to double by 2050.

Projected oil demand in Asia-Pacific is the highest in the world, at 36.7 million barrels daily in 2020, followed closely by the Americas. Overall global oil consumption is expected to increase in 2020 and has been rising steadily throughout the past two decades.

Countries with high consumption

The United States consumes the most petroleum of any country in the world, and is the driving factor behind the Americas ranking as the region with second-highest petroleum consumption. Brazil and Canada are also among the ten largest petroleum consumers, but on a much smaller scale than the United States. China is the second-largest consumer in the world, followed by India and Japan, making Asia-Pacific the highest consuming region overall.

Largest oil importers

Though Europe consumes about half as much oil as Asia-Pacific or the Americas, the region is the largest importer of oil worldwide. As resources in the North Sea have depleted, oil production in the European Union has declined significantly over the past two decades. Among E.U. countries, Germany has the highest oil consumption.

Key information about Japan Oil Consumption

• Japan Oil Consumption was reported at 3,365.773 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 3,503.871 Barrel/Day th for Dec 2022
• Japan Oil Consumption data is updated yearly, averaging 4,933.384 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 5,805.695 Barrel/Day th in 1996 and a record low of 1,727.491 Barrel/Day th in 1965
• Japan 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 Germany Oil Consumption

• Germany Oil Consumption was reported at 1,954.716 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 2,072.366 Barrel/Day th for Dec 2022
• Germany Oil Consumption data is updated yearly, averaging 2,632.047 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 3,336.601 Barrel/Day th in 1979 and a record low of 1,708.632 Barrel/Day th in 1965
• Germany 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 United Kingdom Oil Consumption

• United Kingdom Oil Consumption was reported at 1,324.763 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,309.475 Barrel/Day th for Dec 2022
• UK Oil Consumption data is updated yearly, averaging 1,707.613 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 2,228.136 Barrel/Day th in 1973 and a record low of 1,183.309 Barrel/Day th in 2020
• UK 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

Germany: Oil consumption, thousand barrels per day: The latest value from 2014 is 2374 thousand barrels per day, a decline from 2435 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for Germany from 1991 to 2014 is 2676.79 thousand barrels per day. The minimum value, 2374 thousand barrels per day, was reached in 2014 while the maximum of 2923 thousand barrels per day was recorded in 1998.

This dataset contains information about world's oil consumption for 1965-2020. Data from BP. Follow datasource.kapsarc.org for timely data to advance energy economics research.Notes:* Inland demand plus international aviation and marine bunkers and refinery fuel and loss. Consumption of biogasoline (such as ethanol), biodiesel and derivatives of coal and natural gas are also included.w Less than 0.05%.n/a not available.# Excludes Estonia, Latvia and Lithuania prior to 1985 and Slovenia prior to 1990.Notes: Differences between these world consumption figures and world production statistics are accounted for by stock changes, consumption of non-petroleum additivesand substitute fuels, and unavoidable disparities in the definition, measurement or conversion of oil supply and demand data.Annual changes and shares of total are calculated using thousand barrels daily figures.

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.

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.

Daily oil demand declined across all major oil consuming regions in February 2020 and fell to a low in April 2020, the following months are expected to see a slow recovery. In June 2020, oil demand is expected to amount to 20 million barrels per day in North America.

Key information about Norway Oil Consumption

• Norway Oil Consumption was reported at 213.354 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 208.676 Barrel/Day th for Dec 2022
• Norway Oil Consumption data is updated yearly, averaging 200.473 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 230.271 Barrel/Day th in 2007 and a record low of 99.449 Barrel/Day th in 1965
• Norway 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 Saudi Arabia Oil Consumption

• Saudi Arabia Oil Consumption was reported at 4,051.907 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 3,854.152 Barrel/Day th for Dec 2022
• Saudi Arabia Oil Consumption data is updated yearly, averaging 1,354.266 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 4,099.724 Barrel/Day th in 2016 and a record low of 389.574 Barrel/Day th in 1965
• Saudi Arabia 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

Paraguay: Oil consumption, thousand barrels per day: The latest value from 2014 is 36 thousand barrels per day, an increase from 35 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for Paraguay from 1980 to 2014 is 21.33 thousand barrels per day. The minimum value, 9 thousand barrels per day, was reached in 1982 while the maximum of 36 thousand barrels per day was recorded in 2012.

Key information about Turkey Oil Consumption

• Turkey Oil Consumption was reported at 1,135.886 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,071.568 Barrel/Day th for Dec 2022
• Turkey Oil Consumption data is updated yearly, averaging 561.899 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,135.886 Barrel/Day th in 2023 and a record low of 69.374 Barrel/Day th in 1965
• Turkey 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