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.

The International Energy Agency expects worldwide oil demand to increase by some 1.1 million barrels per day in 2025. This estimate from February 2025 is lower than expectations by the EIA and the OPEC.

While major energy institutions IEA, OPEC, and EIA used to have little differences in their long-term growth projections for the oil market, their demand outlooks have become more divergent in recent years. In its 2024 outlook, OPEC expected global oil demand to increase to more than 113 million barrels per day by 2030. In comparison, the IEA's stated policies scenario (STEPS) from 2024 sees oil demand coming to merely 101.7 million barrels per day by 2030. A figure that was similar to the EIA's latest outlook.

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

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.

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.

Global Maize Oil Demand by Country, 2023 Discover more data with ReportLinker!

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.

Mexico Fuel Oil: Demand data was reported at 18.643 Barrel/Day th in 2018. This records a decrease from the previous number of 20.370 Barrel/Day th for 2017. Mexico Fuel Oil: Demand data is updated yearly, averaging 35.721 Barrel/Day th from Dec 2014 (Median) to 2018, with 5 observations. The data reached an all-time high of 146.230 Barrel/Day th in 2014 and a record low of 18.643 Barrel/Day th in 2018. Mexico Fuel Oil: Demand data remains active status in CEIC and is reported by Secretary of Energy. The data is categorized under Global Database’s Mexico – Table MX.RB017: Fuel Oil Demand.

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

Global Palm Kernel Oil Demand by Country, 2023 Discover more data with ReportLinker!

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 Crude Petroleum Extraction industry in Europe can be volatile. Its performance largely hinges on global oil demand and prices, which in turn are impacted by geopolitical conditions and global economic activity. Most of Europe relies on imports for its crude oil and refined fuels, often from geopolitically unstable regions. Only Russia can count itself among the world’s largest oil producers, while Norway and the UK are the main beneficiaries of oil reserves in the North Sea. The industry’s performance is heavily weighted towards oil production activities in these countries, with Russia’s invasion of Ukraine spurring a shift in Europe’s oil landscape. Revenue is forecast to decline at a compound annual rate of 5.6% to €236.1 billion over the five years through 2024. Revenue dropped during the pandemic, as tumbling oil prices were compounded by reduced global demand for oil. This was followed by a strong recovery in the following years, as a post-pandemic rebound in demand for oil led to a surge in prices. Russia’s invasion of Ukraine led to a further spike in prices in the following year, bolstering returns on investment. The lure of sky-high margins purred increased exploration activity in 2022, while Russia was able to redirect most of its oil exports to China and India in response to Western sanctions. Europe’s oil landscape continues to shift as nations seek to wean themselves off of Russian fossil fuels, with Norway looking like the main beneficiary of the change in dynamics. Revenue is forecast to drop by 21.7% in 2024. Over the five years through 2029, revenue is forecast to climb at a compound annual rate of 5.4% to reach €306.7 billion. As geopolitical tensions persist, the potential for significant fluctuation in prices remains. However, as Europe continues to wean itself off Russian fossil fuels, there's an expectation of easing oil prices. By 2027, the EU aims to be completely free from Russian fossil fuels – a move that would open up opportunities for other oil producing nations, while placing pressure on Russia to continue to find alternative buyers of its oil. Ambitious decarbonisation targets threaten to contribute to a downward trend in oil consumption, weighing on long-term growth prospects.

Thailand Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data was reported at 0.000 Barrel th in Jan 2025. This records a decrease from the previous number of 981.225 Barrel th for Dec 2024. Thailand Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data is updated monthly, averaging 1,220.244 Barrel th from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 4,031.658 Barrel th in Mar 2004 and a record low of 0.000 Barrel th in Jan 2025. Thailand Energy Balance: Secondary: Total Oil Products: Fuel oil: Demand data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Thailand – Table TH.JODI.WDB: Energy Balance: Oil. Heavy residual oil/boiler oil, including bunker oil; Demand of Finished Products only. Demand of finished products: Deliveries or sales to the inland market (domestic consumption) plus Refinery Fuel plus International Marine and Aviation Bunkers. Demand for Other oil products includes direct use of Crude oil, NGL, and Other.

Bio Oil Market Size And ForecastBio Oil Market size was valued at USD 92.59 Million in 2023 and is projected to reach USD 171.38 Million by 2031, growing at a CAGR of 9% during the forecast period 2024-2031.Global Bio Oil Market DriversThe market drivers for the Bio Oil Market can be influenced by various factors. These may include:Growing Demand For Renewable Energy: The increasing global demand for renewable energy sources is a primary driver of the Bio Oil Market. Governments are emphasizing the importance of sustainable energy to mitigate climate change impacts by reducing greenhouse gas emissions. Bio oil, derived from biomass, is seen as a crucial alternative to fossil fuels. As industries and consumers strive for cleaner energy solutions, investments in bio oil production technologies are rising. This shift not only supports energy independence but also enhances energy security, leading to greater adoption and deployment of bio oil in various applications, including power generation and transportation fuels.Technological Innovations In Biomass Conversion: Advancements in biomass conversion technologies play a significant role in driving the Bio Oil Market. Innovations such as pyrolysis, hydrothermal liquefaction, and gasification are improving the efficiency and yield of bio oil production. These technologies facilitate the conversion of diverse feedstocks, including agricultural residues and forest waste, into high-quality bio oil. Consequently, the scalability and economic viability of bio oil are enhanced, attracting both investment and interest from the energy sector. As research continues to evolve, new methods and techniques will further optimize production processes and expand the range of available biomass feedstocks, fueling market growth.Government Policies And Incentives: Government policies and incentives focusing on renewable energy sources are critical drivers for the Bio Oil Market. Many countries have implemented tax credits, subsidies, and regulations to encourage the production and use of biofuels, including bio oil. These supportive measures are designed to enhance energy security, reduce reliance on fossil fuels, and promote environmental sustainability. International agreements aimed at emission reductions further solidify the role of bio oil in achieving climate objectives. As governments seek innovative solutions to address energy challenges, ongoing policy support will continue to foster market development and increase investment in bio oil projects worldwide.Increasing Awareness Of Environmental Sustainability: Growing awareness regarding environmental sustainability and ecological conservation is significantly influencing the Bio Oil Market. Consumers and industries alike are increasingly concerned about their carbon footprints and the ecological impacts of fossil fuel dependency. This shift in perspective drives demand for bio-based products, pushing companies to innovate sustainable alternatives. Bio oil is positioned as a greener solution, contributing to reduced pollution and resource depletion. Additionally, environmentally conscious consumers are actively seeking brands that align with their values, prompting businesses to invest in sustainable practices, including the adoption of bio oil, thereby expanding market opportunities for eco-friendly energy sources.Fluctuating Crude Oil Prices: The volatility of crude oil prices acts as a substantial driver for the Bio Oil Market. Fluctuations in oil prices significantly influence energy costs, prompting consumers and businesses to seek more stable and sustainable alternatives. When crude oil prices soar, the cost-effectiveness of bio oil becomes increasingly attractive, driving its adoption in energy generation and transportation. In contrast, sustained low oil prices may pose challenges for bio oil competitiveness; however, the long-term economic and environmental benefits sustain its appeal. As the energy market continues to evolve, the strategic positioning of bio oil as a supplemental energy source remains a pivotal factor.

Base Oil Market - Global Industry Size, Share, Trends, and Forecast, 2017-2027 Segmented By Source, By Type, By Application, By End-Use, By Region

OPEC reduces its 2024 oil demand growth forecast by 210,000 barrels per day, signaling shifts in global market dynamics.

The global crude oil supply is influenced by factors such as production levels, demand, geopolitical events, and technological advancements. This article provides an overview of the production, reserves, demand, and market dynamics that contribute to the availability and price of crude oil worldwide.

By 2029, global oil demand is forecast to reach 112.3 million barrels per day. China is expected to account for 18.4 million barrels of daily oil demand while India is expected to account for 6.9 million barrels worth.