Global consumption of oil has steadily increased over the last three decades, totaling 4.39 billion metric tons in 2022, compared to 4.26 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. In recent years, crude oil prices have been on a continual annual increase.
Regional oil consumption
As of 2021, the United States and China were the largest consumers of oil. Overall, oil consumption worlwide increased by six percent in 2021, when compared to the previous year. However, this growth in consumption was the highest in South and Central America, where figures went up by some 10.2 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.
Oil consumption worldwide from 1970 to 2022
(in million metric tons)
Characteristic
Oil consumption in million metric tons
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This report was previously published by BP.
Figures refer to inland demand as well as international aviation and marine bunkers and refinery fuel and loss. Data excludes consumption of biodiesel and biogasoline but includes derivatives of coal and natural gas are included.
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Energy Institute. (June 26, 2023). Oil consumption worldwide from 1970 to 2022 (in million metric tons) [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/265261/global-oil-consumption-in-million-metric-tons/
Energy Institute. "Oil consumption worldwide from 1970 to 2022 (in million metric tons)." Chart. June 26, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/265261/global-oil-consumption-in-million-metric-tons/
Energy Institute. (2023). Oil consumption worldwide from 1970 to 2022 (in million metric tons). Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/265261/global-oil-consumption-in-million-metric-tons/
Energy Institute. "Oil Consumption Worldwide from 1970 to 2022 (in Million Metric Tons)." Statista, Statista Inc., 26 Jun 2023, https://www.statista.com/statistics/265261/global-oil-consumption-in-million-metric-tons/
Energy Institute, Oil consumption worldwide from 1970 to 2022 (in million metric tons) Statista, https://www.statista.com/statistics/265261/global-oil-consumption-in-million-metric-tons/ (last visited June 18, 2024)
Oil consumption worldwide from 1970 to 2022 (in million metric tons) [Graph], Energy Institute, June 26, 2023. [Online]. Available: https://www.statista.com/statistics/265261/global-oil-consumption-in-million-metric-tons/