Oil is the most consumed primary energy fuel in the world. In 2024, some ****** exajoules worth of oil were consumed. That year, the consumption of fossil fuels registered an increase compared to the previous year. Rising demand for fossil fuels Demand for fossil fuels has remained high, as overall primary energy demand continues to increase. Excluding the effects of the coronavirus pandemic, the use of oil has consistently grown each year. Consumption of other non-renewable fuel types has been more varied. Global natural gas consumption has risen more or less consistently. Its properties as a less carbon-intensive fossil fuel than coal have led to an increase in its use in the power sector, overtaking coal use in major economies such as the United States. Fossil fuels by region The U.S. is the leading natural gas consuming country in the world, as well as the largest producer of this fossil fuel and of crude oil. Russia, China, and the Middle Eastern region follow, as they have either the richest reserves of these raw materials or account for the largest refining capacity.

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

This statistic shows the countries with the largest petroleum consumption worldwide from 2010 to 2018. In 2018, the United States had the largest petroleum consumption worldwide, consuming nearly **** billion metric tons. China's consumption of petroleum came in a distant second place that year, at *** million metric tons.

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 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.

Key information about Indonesia Oil Consumption

• Indonesia Oil Consumption was reported at 1,603.769 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,597.396 Barrel/Day th for Dec 2022
• Indonesia Oil Consumption data is updated yearly, averaging 773.837 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,618.194 Barrel/Day th in 2018 and a record low of 114.318 Barrel/Day th in 1967
• Indonesia 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 Hong Kong SAR (China) Oil Consumption

• Hong Kong SAR (China) Oil Consumption was reported at 304.563 Barrel/Day th in Dec 2024
• This records an increase from the previous number of 268.205 Barrel/Day th for Dec 2023
• Hong Kong SAR (China) Oil Consumption data is updated yearly, averaging 186.314 Barrel/Day th from Dec 1965 to 2024, with 60 observations
• The data reached an all-time high of 433.467 Barrel/Day th in 2018 and a record low of 40.612 Barrel/Day th in 1965
• Hong Kong SAR (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

In 2023/24, palm oil consumption amounted to around 75 million metric tons worldwide. That figure is projected to increase to approximately 78 million metric tons during 2024/25. Consumption of palm oil worldwide Palm oil is an edible vegetable oil commonly used for food products, detergents, and cosmetics. In the United States, palm oil consumption amounts to approximately 1.7 million metric tons annually. In comparison, palm oil consumption in the European Union is about three times as high. Nonetheless, palm oil consumption in the European Union has dropped significantly during the last two years. After constantly being close to 6.6 million metric tons between 2015 and 2020, consumption levels dropped to five million in 2021 and has not increased much since. Palm oil consumption in Indonesia is almost 20 million metric tons, which is significantly more than in any other country in the world. Indonesia’s palm oil consumption has nearly tripled during the last decade. Palm oil in China China's total imports of palm oil amount to approximately 7.2 million tons per year. More than half of those are imported from Indonesia, the leading palm oil producer worldwide. Furthermore, China's imports of palm oil from Malaysia amount to about 1.7 million metric tons, which is slightly less than a quarter of the total palm oil imports. In 2022, China’s total consumption of palm oil amounted to about 6.7 million metric tons. China’s palm oil consumption saw a noticeable increase in 2018. That year, consumption levels increased by almost two million metric tons, from 5.1 to seven million metric tons. Chinese palm oil consumption has remained at a similar level ever since, except during the pandemic year of 2021.

Key information about Ukraine Oil Consumption

• Ukraine Oil Consumption was reported at 205.977 Barrel/Day th in Dec 2024
• This records an increase from the previous number of 203.797 Barrel/Day th for Dec 2023
• Ukraine Oil Consumption data is updated yearly, averaging 295.982 Barrel/Day th from Dec 1985 to 2024, with 40 observations
• The data reached an all-time high of 1,330.158 Barrel/Day th in 1987 and a record low of 200.510 Barrel/Day th in 2022
• Ukraine 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 Arab Emirates Oil Consumption

• United Arab Emirates Oil Consumption was reported at 1,183.303 Barrel/Day th in Dec 2024
• This records an increase from the previous number of 1,137.688 Barrel/Day th for Dec 2023
• United Arab Emirates Oil Consumption data is updated yearly, averaging 395.223 Barrel/Day th from Dec 1965 to 2024, with 60 observations
• The data reached an all-time high of 1,183.303 Barrel/Day th in 2024 and a record low of 1.526 Barrel/Day th in 1965
• United Arab Emirates 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

Konsumsi Minyak Indonesia dilaporkan sebesar 1,603.769 Barrel/Day th pada 2023. Rekor ini naik dibanding sebelumnya yaitu 1,597.396 Barrel/Day th untuk 2022. Data Konsumsi Minyak Indonesia diperbarui tahunan, dengan rata-rata 773.837 Barrel/Day th dari 1965 sampai 2023, dengan 59 observasi. Data ini mencapai angka tertinggi sebesar 1,618.194 Barrel/Day th pada 2018 dan rekor terendah sebesar 114.318 Barrel/Day th pada 1967. Data Konsumsi Minyak Indonesia tetap berstatus aktif di CEIC dan dilaporkan oleh BP PLC. Data dikategorikan dalam Association: Energy Sector World Trend Plus – Table RB.BP.OIL: Oil: Consumption.

Fossil fuel energy consumption of Azerbaijan climb by 0.57% from 99.4 % in 2021 to 100.0 % in 2022. Since the 0.02% decrease in 2018, fossil fuel energy consumption increased by 1.11% in 2022. Fossil fuel comprises coal, oil, petroleum, and natural gas products.

Key information about India Oil Consumption

• India Oil Consumption was reported at 5,620.537 Barrel/Day th in Dec 2024
• This records an increase from the previous number of 5,452.083 Barrel/Day th for Dec 2023
• India Oil Consumption data is updated yearly, averaging 1,416.726 Barrel/Day th from Dec 1965 to 2024, with 60 observations
• The data reached an all-time high of 5,620.537 Barrel/Day th in 2024 and a record low of 252.234 Barrel/Day th in 1965
• India 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 Australia Oil Consumption

• Australia Oil Consumption was reported at 1,056.211 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 998.525 Barrel/Day th for Dec 2022
• Australia Oil Consumption data is updated yearly, averaging 753.179 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 1,075.165 Barrel/Day th in 2018 and a record low of 343.872 Barrel/Day th in 1965
• Australia 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

Dataset

This dataset was created by Vishal Sharma

Contents

Global palm oil consumption amounted to 55,598 thousand tons in 2015, coming up by +7.9% against the previous year level.

Global rapeseed oil consumption amounted to 26,296 thousand tons in 2015, moving up by +1.9% against the previous year level.

The increase in global oil demand between 2018 and 2035 in the chemicals sector is expected to amount to *** million barrels per day, representing a ** percent increase relative to 2018. This makes the chemicals sector the largest sector in terms of projected oil demand growth worldwide.

In Terms of Revenue, Seamless market was the Leading segment with 58.67% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Well Casing was the Leading segment with 34.06% Share of total Oil Country Tubular Goods Market. In Terms of Revenue, Onshore was the Leading segment with 58.13% Share of total Oil Country Tubular Goods Market. North America was the dominated region with 34.06% of total revenue market share. The mounting oil and gas industry drives the growth of the oil-country tubular goods market Oil and gas are non-renewable sources of energy. The world has showcased high dependence on oil and gas products to meet and fulfil a wide array of requirements right from personal, to residential, commercial, and industrial needs. Thus, increasing demand and dependency on oil and gas has been estimated which drives the growth of the oil and gas market. The increasing population and growing industrialization further drive the demand for oil and gas products.

According to the study, global petroleum consumption in 2018 was almost 100 million units of barrels per day.
According to U.S. Energy Information Administration in 2021, U.S. petroleum consumption averaged about 19.78 million barrels per day (b/d).

The oil and gas industry plays a vital role in the economy of the associated nations. As all nations are not blessed with oil and gas reservoirs, the blessed nation always has an upper hand when it comes to the distribution of oil and gas among other nations which is directly related to the national economy. Thus, several countries and oil and gas companies are directing themselves toward the exploration and extraction of oil and gas from conventional and unconventional oil resources which required advanced drilling and piping systems

According to American Petroleum Institute, the oil and gas industry’s total impact on US GDP was nearly $1.7 trillion, accounting for 7.9 percent of the national total in 2019 and it supports 10.3 million jobs in the United States

Further emerging trends such as the internet of things, AI, robotics, automation, big-data analytics, blockchain, and other technologies are expected to change the dimensions of oil and gas refineries. The rising deployment of advanced technology such as hydraulic horizontal drilling and fracturing technology is also boosting the growth of the Oil Country Tubular Goods market. Pipeline plays a significant role in the transport of natural gas right from the collection of products from the source to the shipment and storage of oil or liquefied natural gas (LNG). Thus, the mounting oil and gas industry drives the growth of the oil country tubular goods market. Restrain factor for Oil Country Tubular Goods Market

The world is dealing with several nature-related problems such as global warming, depletion of non-renewable resources, etc. Thus, in order to reduce the dependency on non-renewable resources like oil and gas, fossil fuels, etc. several government and nongovernment authorities are promoting the usage of alternative renewable energy sources. Moreover, owing to the high cost associated with exploration, production, import, and supply disruption of oil and gas, several governments are also taking demand restraint measures to reduce oil consumption in the country. As there is mounting usage and acceptance of renewable energy, a reduction in oil and gas consumption is been observed. Thus, the depletion of oil and gas reservoirs and reduced demand for oil and gas may act as a restraining factor for the oil country tubular goods market.

Key opportunity of Market.

Increased interest in offshore oil drilling ventures will create humongous growth opportunities.

Players in the global oil country tubular goods market will be set to reap tremendous revenue as a result of the increased interest of the global oil majors in offshore oil drilling ventures. These ventures involve the exploitation of petroleum reservoirs located beneath the surface of oceans rather than the conventional mainland reservoirs. In the last few years, offshore drilling schemes have gone skyrocketing at an outstanding rate. Most part of the discovered ocean is yet unknown and researchers opine that the top of oceans has tremendous amounts of crucial petroleum reserves. That is why an increased regional governments' as well as private operators' interest came to explore investing in off...

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Brazil Oil and Gas Market Size and Trends

The Brazil oil and gas market size is forecast to increase by USD 46.79 billion at a CAGR of 3.68% between 2023 and 2028. The market is experiencing significant growth, driven by technological advancements in drilling techniques and the increasing adoption of natural gas vehicles (NGVs). These trends are contributing to the expansion of the market, particularly in the upstream sector. Furthermore, the increasing use of renewable fuel sources, such as offshore wind power and solar, is creating opportunities for the integration of renewable energy into the oil and gas industry. This integration is expected to reduce the carbon footprint of oil and gas companies and help them meet sustainability goals. However, challenges such as regulatory issues, high operational costs, and geopolitical risks continue to pose threats to market growth. Despite these challenges, the market is expected to grow at a steady pace, driven by the aforementioned trends and the vast potential for oil and gas exploration in Brazil.

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The market has been a significant hydrocarbon investment destination due to its vast reserves of crude oil and natural gas. The country is the tenth-largest producer of crude oil in the world and the eighth-largest consumer of petroleum products. The exploration and production sector, including refineries, is a capital-intensive industry that contributes significantly to the country's gross domestic product. Free cash flows from oil and gas operations have been a driving force for shareholders and investors in the market. However, the industry faces challenges such as emissions reduction targets and the shift towards low-carbon energies. Regulators play a crucial role in implementing policies to balance the economic benefits of hydrocarbon production with environmental concerns. Brazil's oil refining capacity stands at approximately 1.6 million barrels per day, making it the seventh-largest refining country in the world. The country's non-OECD petroleum consumption is expected to increase due to growing demand for petrol products. The International Energy Agency (IEA) forecasts that Brazil will remain a significant consumer of oil and natural gas as fuel sources for processes and systems in various industries. The market's future growth depends on continued investment in exploration and production and the development of new technologies to reduce emissions and improve efficiency.

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.

Application Outlook

  Industrial
  Commercial
  Residential


Deployment Outlook

  Offshore
  Onshore


Region Outlook

  North America

    The U.S.
    Canada





  Europe

    U.K.
    Germany
    France
    Rest of Europe





  APAC

    China
    India





  Middle East & Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East & Africa

By Application Insights

The industrial segment is estimated to witness significant growth during the forecast period. The market is characterized by processing concentration and the presence of critical mineral resources, including nickel, graphite, lithium, cobalt, and rare earth elements. Occidental Petroleum and TerraLithium are among the companies exploring these resources in the country.

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The industrial segment was the largest segment and valued at USD 102.15 billion in 2018. Control of critical mineral rights and regulatory knowledge are crucial for companies in the clean energy manufacturing sector, given the increasing demand for lithium for EV battery production. Brine deposits are a significant source of lithium in Brazil, and companies are focusing on optimizing water resources and reducing lead times to gain a competitive edge. Hence, such factors are fuelling the growth of this segment during the forecast period.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Brazil Oil and Gas Market Driver

Technological advancements in drilling techniques is notably driving market growth. The market has witnessed significant advancements in exploration and production techniques, particularly in the areas of shale formations. Horizontal drilling technology, which enables drillers to access a wider section of shale rock from a single wellbore, has become a game-changer. This is achieved by drilling vertically to the target depth and then turning the drill bit horizontally within the shale formation. This technique has s