Monthly global liquid fuels consumption 2022-2024
Worldwide consumption for liquid fuels reached 102.04 million barrels per day in May 2024. Figures are expected to increase further until the end of the year. In 2024, global crude oil demand is forecast to average some 104.46 million barrels per day.
Regional variances
For the last few years, liquid fuel consumption has stayed relatively constant across regions. Despite a demand fall in 2020, all major economies have recovered to pre-pandemic levels.
U.S. still greatest petroleum consumer
The United States remains the largest consumer of petroleum. The fossil fuel serves a great array of functions, from being a feedstock in the petrochemical industry to its use as a raw material for transportation fuels. Population numbers, economic size, industry presence, and wealth of its residents all contribute to a country’s need for this commodity. In the U.S., petroleum consumption amounts to nearly one billion metric tons, more than the combined consumption of both China and India.
