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.

The consumption of oil has steadily increased over the last three decades, totaling ************ metric tons in 2024, 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.

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.

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

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.

Global oil production refers to the total amount of crude oil extracted and processed on a daily basis from oil fields around the world. It is a key indicator of the global energy supply and has significant implications for various aspects of the global economy, including prices, trade, and geopolitical relationships. Learn about the top oil-producing countries, global oil demand and supply, the impact of production levels on oil prices, and the future outlook for the industry.

Asia Pacific is the greatest consumer of oil and oil products in the world. In 2023, the region accounted for around 38 percent of total oil demand worldwide. This was up from 31.5 percent in 2010 and largely buoyed by greater Chinese oil consumption. Oil consumption in North America, as well as in Europe, experienced a decline in the same time period.

The Middle East produces more oil than any other region in the world, accounting for slightly less than ******* of global oil production in 2024, at **** percent. Overall, Middle Eastern oil production makes up a slightly larger share of global production than it did ten years ago, but the contribution to worldwide oil production has risen most consistently in North America while declining in all other regions. Shifts in North American oil production Over the past decade, higher oil production in North America has largely been driven by the United States. In the last ten years, oil production in the United States has more than doubled, with its annual output only mildly affected by the coronavirus pandemic. Meanwhile, Canada's crude oil production has also increased in the period, although in a less consistent manner. The U.S. moves towards less dependency Oil prices from OPEC countries, many of which are in the Middle East, had been rising in the years leading up to the global recession, reaching a peak in 2012. As a result, the United States decreased oil imports, and investors capitalized on lower interest rates to develop technologies such as hydraulic fracturing (fracking) that would allow domestic oil extraction from wells deep underground that were once too hard to reach. In 2019, before oil demand was affected by the pandemic, the North American country's imports dipped below *** million barrels, a ** percent drop in comparison to a decade earlier.

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

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

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

CN: Crude Oil Consumption: Industry: Mfg: Waste of Resources & Waste Material Recycling data was reported at 0.000 Ton mn in 2010. CN: Crude Oil Consumption: Industry: Mfg: Waste of Resources & Waste Material Recycling data is updated yearly, averaging 0.000 Ton mn from Dec 2010 (Median) to 2010, with 1 observations. The data reached an all-time high of 0.000 Ton mn in 2010 and a record low of 0.000 Ton mn in 2010. CN: Crude Oil Consumption: Industry: Mfg: Waste of Resources & Waste Material Recycling 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.

Learn about the major sectors that contribute to global oil consumption and their levels of consumption and dependency on oil. Discover how the transportation, industrial, residential and commercial, and electricity generation sectors drive global oil use and how factors such as economic growth and environmental regulations influence oil demand. Understand the potential impact of shifts towards cleaner energy sources on future oil consumption trends.

CN: Crude Oil Consumption: Industry: Mfg: Fabricated Metal Product data was reported at 0.000 Ton mn in 2018. This records a decrease from the previous number of 0.000 Ton mn for 2017. CN: Crude Oil Consumption: Industry: Mfg: Fabricated Metal Product data is updated yearly, averaging 0.000 Ton mn from Dec 1994 (Median) to 2018, with 25 observations. The data reached an all-time high of 0.006 Ton mn in 1994 and a record low of 0.000 Ton mn in 2003. CN: Crude Oil Consumption: Industry: Mfg: Fabricated Metal Product data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.RBB: Crude Oil Consumption.

This dataset contains information about world oil production for OPEC, OECD and the major non-OPEC producers. for 1983-2021. Data from Saudi Central Bank (SAMA). Follow datasource.kapsarc.org and it’s APIs to stay in sync and advance energy economics research.Note:* Including Condensates and Natural gas liquids

Oil & Gas Market Outlook

According to our latest research, the global oil & gas market size reached USD 7.3 trillion in 2024, reflecting the sector’s enduring significance in the global economy. The industry is projected to grow at a CAGR of 4.1% from 2025 to 2033, with the market forecasted to attain a value of USD 10.6 trillion by 2033. This steady growth is primarily driven by increasing energy demand, ongoing industrialization in emerging economies, and the evolution of extraction and processing technologies. The oil & gas market continues to be a cornerstone of global energy supply, with its outlook shaped by dynamic factors such as geopolitical developments, regulatory changes, and the transition towards cleaner energy sources.

One of the most prominent growth factors in the oil & gas market is the persistent rise in global energy demand, particularly from rapidly developing economies in Asia and Africa. As urbanization accelerates and populations expand, the need for reliable energy sources intensifies, placing oil and gas at the forefront of energy consumption. Additionally, the transportation sector, which remains heavily reliant on petroleum-based fuels, continues to drive demand. Despite the increasing adoption of renewable energy, the oil & gas sector remains indispensable, especially for industries where alternative energy sources are not yet viable at scale. This ongoing demand, coupled with strategic investments in infrastructure and technology, underpins the sector’s robust growth trajectory.

Technological advancements have played a pivotal role in enhancing the efficiency and productivity of the oil & gas industry. Innovations such as hydraulic fracturing, horizontal drilling, and advanced seismic imaging have unlocked previously inaccessible reserves, particularly in unconventional resource basins. These advancements have not only increased the recoverable resources but have also contributed to cost reductions and improved environmental management. The integration of digital technologies, including artificial intelligence and IoT, has further optimized operations, from exploration and drilling to refining and distribution. As companies continue to invest in R&D, the sector is poised to benefit from improved operational efficiencies and reduced environmental impact, fostering sustainable growth.

The oil & gas market is also influenced by evolving regulatory landscapes and environmental considerations. Governments worldwide are implementing stricter emissions standards and incentivizing the adoption of cleaner technologies. While this presents challenges, it also drives innovation within the sector, encouraging the development of low-carbon solutions such as carbon capture and storage (CCS) and the integration of hydrogen into existing infrastructure. Companies that proactively adapt to these regulatory changes are better positioned to capitalize on emerging opportunities, ensuring long-term competitiveness and market relevance. The interplay between regulation, sustainability, and technological innovation is shaping the future direction of the oil & gas industry.

Regionally, the oil & gas market exhibits significant variation in growth patterns and investment priorities. The Middle East continues to dominate in terms of proven reserves and production capacity, while North America leads in unconventional resource development, particularly shale oil and gas. Asia Pacific is emerging as a major demand center, driven by robust economic growth and industrialization. Europe, meanwhile, is focusing on energy transition strategies, balancing the need for energy security with decarbonization goals. This regional diversity underscores the complex and interconnected nature of the global oil & gas market, with each region navigating unique challenges and opportunities.

Sector Analysis

The oil & gas market is traditionally segmented into three primary sectors: upstream, midstream, and downstream. The upstream sect

Key information about Russia Oil Consumption

• Russia Oil Consumption was reported at 3,634.960 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 3,614.618 Barrel/Day th for Dec 2022
• Russia Oil Consumption data is updated yearly, averaging 3,276.729 Barrel/Day th from Dec 1985 to 2023, with 39 observations
• The data reached an all-time high of 5,111.449 Barrel/Day th in 1989 and a record low of 2,489.814 Barrel/Day th in 1998
• Russia 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

Global oil production by month varies depending on several factors, including demand, geopolitical events, and changes in oil prices. This article highlights the importance of monitoring global oil production and provides insights into recent trends and fluctuations. It emphasizes the role of the International Energy Agency (IEA) in tracking and reporting production levels. The article also mentions specific data for January, February, March, April, and May 2021, showcasing the increase and decrease in glob

Global oil and gas production companies have gone through significant turbulence for most of the period. The pandemic and its accompanying lockdowns severely disrupted producers as revenue fell double digits and the industry's largest market, the transportation sector, was limited. This was quickly reversed as the economy opened and supply outpaced demand, causing prices to skyrocket. High prices, accompanied by swelling production, led to surging revenue. While prices eventually came back down late in the period, they remained high. Overall revenue has pushed up at a CAGR of 6.0% to $4.2 trillion through the end of 2024, including a slight 1.9% uptick in 2024 alone. Profit also surged as purchase costs came down. Emerging markets in BRIC nations, Southeast Asia and Africa continue to drive growth because of rapid industrialization and population increases, heightening the need for crude oil, natural gas and related downstream products. Even so, the gradual shift toward renewable energy poses challenges for producers, as many countries have implemented regulations and incentives to promote clean energy use. Geopolitical tensions and the uncertainties stemming from the global pandemic underscore the importance of diversifying supply sources to ensure energy security. Overall, industry revenue is set to push down at a CAGR of 3.6% to $3.5 trillion through the end of 2029. The bulk of this period will be highlighted by more efforts in oil and gas exploration and production in emerging markets, potentially transforming these regions into major global producers. Even so, the excess supply of oil and gas, combined with the push for sustainability, will drive prices down, leading to revenue contractions.

Oil Market Outlook

The global oil market size was valued at approximately $2.3 trillion in 2023 and is projected to reach around $3.1 trillion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.4%. The market is poised for this growth driven by increasing energy demands and technological advancements in extraction and refining processes. The ascent in urbanization and industrialization, particularly in emerging economies, is also catalyzing the expansion of the oil market. As the world continues to witness an upsurge in energy consumption, oil remains a pivotal component of the global energy mix, underscoring its enduring relevance and potential for growth in the coming years.

One of the primary growth factors for the oil market is the relentless global demand for energy, which is predominantly fueled by developing countries undergoing rapid industrialization and modernization. These nations are experiencing significant infrastructural development, leading to increased consumption of fossil fuels, including oil. Additionally, the expansion of the transportation sector, which is heavily reliant on oil, further propels market growth. The automotive industry, despite a shift towards electrification, still sees a significant proportion of its energy needs being met by oil products such as gasoline and diesel, thereby sustaining demand.

Technological advancements in extraction and refining processes are also key drivers of growth in the oil market. The advent of improved drilling techniques, such as horizontal drilling and hydraulic fracturing, has made it economically viable to tap into previously inaccessible oil reserves. This has significantly boosted the supply side of the market, leading to an increase in production levels. Moreover, innovations in refining processes have enhanced the efficiency and yield of refining operations, resulting in higher output of refined oil products. These technological improvements not only bolster supply but also help reduce the environmental impact of oil extraction and processing activities.

Furthermore, the global geopolitical landscape plays a crucial role in shaping the oil market. Political stability in key oil-producing regions can significantly influence supply chains and pricing structures. For instance, the Middle East, which holds a substantial portion of the world's oil reserves, is often affected by geopolitical tensions that can lead to fluctuations in supply and prices. Additionally, policies and regulations set forth by major economies regarding fossil fuel consumption and emissions standards can either facilitate market expansion or pose challenges to it. Thus, ongoing geopolitical developments and regulatory changes are critical factors affecting the oil market's trajectory.

The integration of Oil and Gas sectors is increasingly becoming a focal point in the global energy landscape. As oil remains a dominant energy source, the synergy between oil and gas industries can lead to enhanced efficiency and innovation. This integration allows for the sharing of technological advancements, such as improved drilling techniques and refining processes, which can be applied across both sectors to optimize resource extraction and processing. Furthermore, the collaboration between oil and gas companies can facilitate the development of comprehensive energy solutions that address both current demands and future sustainability goals. By leveraging their combined expertise, these industries can better navigate the challenges of fluctuating market conditions and regulatory pressures, ultimately contributing to a more resilient and adaptable energy sector.

Regionally, the Asia Pacific region is expected to witness robust growth in the oil market, primarily due to the soaring energy demands of populous countries like China and India. These nations are experiencing rapid economic growth, leading to increased consumption of oil for industrial and transportation purposes. North America, on the other hand, is characterized by technological innovations in oil extraction and production, positioning it as a significant player in the global market. The Middle East & Africa region remains a major supplier of oil, with vast reserves and strategic geopolitical positioning. Europe and Latin America, while also integral to the market, are increasingly turning towards alternative energy sources, which may moderate their growth rates compared to other regions.

Type Analysis

The oil market is segmented into several