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.

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.

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 consumption of oil has steadily increased over the last three decades, totaling 4.53 billion metric tons in 2023, compared to 4.42 billion 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 4.5 billion metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some 5.3 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

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.

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

The global oil supply chart offers insights into the production and consumption of oil worldwide. It showcases the balance between supply and demand, allows for regional and historical analysis, and aids in forecasting future trends. Experts and policymakers rely on this chart to evaluate the health of the oil market and make informed decisions.

The graph illustrates the global consumption of crude oil from 1990 to 2008. In 2007, the world consumed a total of approximately four billion metric tons of crude oil.

CN: Crude Oil Consumption: Industry: Mfg: Cultural, Educational, Art and Craft, Sports and Entertainment Products data was reported at 0.000 Ton mn in 2016. This records an increase from the previous number of 0.000 Ton mn for 2014. CN: Crude Oil Consumption: Industry: Mfg: Cultural, Educational, Art and Craft, Sports and Entertainment Products data is updated yearly, averaging 0.000 Ton mn from Dec 2012 (Median) to 2016, with 4 observations. The data reached an all-time high of 0.000 Ton mn in 2013 and a record low of 0.000 Ton mn in 2014. CN: Crude Oil Consumption: Industry: Mfg: Cultural, Educational, Art and Craft, Sports and Entertainment Products data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBB: Crude Oil Consumption.

Diesel and gasoil are the most in-demand oil products worldwide. In 2023, diesel and gasoil demand reached 29 million barrels per day. This was closely followed by gasoline.By 2040, gasoline demand is forecast to climb to nearly 30 million barrels per day compared with 32.2 millio barrels for diesel and gasoil. The use of petroleum products in daily life Crude oil serves as a feedstock for a great variety of industrial products. While transportation fuels such as gasoline and diesel are the most common examples used when referring to petroleum products, synthetic materials such as plastic packaging and many pharmaceutical drugs are also oil- and natural gas-based. In 2022, the global market value of petrochemicals stood at an estimated 584.5 billion U.S. dollars and was forecast to grow to over one trillion U.S. dollars by 2030. In a world where convenience often trumps the more environmentally friendly choice, petroleum products, particularly of the non-heavy variety, are expected to continue being in high demand. Oil demand shaped by economic activity As oil use is so widespread, changes in oil demand are usually an indication of developments in the wider economy, in particular changes to GDP growth as was the case in 2020. In the last two years, global liquid fuels consumption generally increased alongside economic activity and is expected to reach 104.7 million barrels per day by mid-2025.

The global oil prices graph provides a visual representation of crude oil prices over time and is crucial for understanding market dynamics and tracking price fluctuations. This article explains key terms such as Brent Crude and WTI Crude, as well as the influence of supply and demand, geopolitical events, economic fluctuations, and weather conditions on oil prices. Analysts, investors, governments, and oil companies rely on this graph to identify trends, patterns, and major market events for decision-makin

CN: Crude Oil Consumption: Industry: Mfg: Rubber and Plastic Products data was reported at 0.000 Ton mn in 2022. This records a decrease from the previous number of 0.001 Ton mn for 2021. CN: Crude Oil Consumption: Industry: Mfg: Rubber and Plastic Products data is updated yearly, averaging 0.003 Ton mn from Dec 1995 (Median) to 2022, with 22 observations. The data reached an all-time high of 0.012 Ton mn in 1995 and a record low of 0.000 Ton mn in 2022. CN: Crude Oil Consumption: Industry: Mfg: Rubber and Plastic Products data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBB: Crude Oil Consumption.

This dataset contains oil demand, supply, stocks outlook from 2016-2022. Data from U.S. Energy Information Administration. Follow datasource.kapsarc.org for timely data to advance energy economics research. Price outlook dataset link: EIA - Oil Price Short Term Forecast

The global oil inventory chart provides valuable insights into the levels of oil stockpiles worldwide. It tracks the inventory of crude oil and petroleum products, such as gasoline, diesel, and heating oil. The chart is crucial for understanding the supply and demand dynamics of the oil market and is closely monitored by industry experts, governments, and investors.

Diesel and gasoil account for the highest oil products demand share in the world. In 2023, these products made up some 28.38 percent of total oil demand. This figure is expected to decrease slightly by 2050, with jet fuel and kerosene expected to see the greatest increase in demand shares. Daily global crude oil demand is expected to climb over 100 million barrels in 2023.

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.

Bahrain: Diesel and heating oil consumption, thousand barrels per day: The latest value from 2023 is 6.03 thousand barrels per day, an increase from 5.91 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 Bahrain from 1980 to 2023 is 4.41 thousand barrels per day. The minimum value, 1.68 thousand barrels per day, was reached in 1983 while the maximum of 8.48 thousand barrels per day was recorded in 2008.

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

The Central African Republic: Oil consumption, thousand barrels per day: The latest value from 2014 is 3 thousand barrels per day, an increase from 2.8 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 the Central African Republic from 1980 to 2014 is 1.96 thousand barrels per day. The minimum value, 1 thousand barrels per day, was reached in 1980 while the maximum of 3 thousand barrels per day was recorded in 2014.