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.
Oil consumption worldwide from 1998 to 2023
(in 1,000 barrels per day)
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. Biogasoline and biodiesel consumption are excluded.
This statistic was compiled using several releases of the publication.
Figures were restated based on the latest edition of the report.
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Energy Institute. (June 20, 2024). Oil consumption worldwide from 1998 to 2023 (in 1,000 barrels per day) [Graph]. In Statista. Retrieved September 19, 2024, from https://www.statista.com/statistics/265239/global-oil-consumption-in-barrels-per-day/?ref=blog.hedgehog.app
Energy Institute. "Oil consumption worldwide from 1998 to 2023 (in 1,000 barrels per day)." Chart. June 20, 2024. Statista. Accessed September 19, 2024. https://www.statista.com/statistics/265239/global-oil-consumption-in-barrels-per-day/?ref=blog.hedgehog.app
Energy Institute. (2024). Oil consumption worldwide from 1998 to 2023 (in 1,000 barrels per day). Statista. Statista Inc.. Accessed: September 19, 2024. https://www.statista.com/statistics/265239/global-oil-consumption-in-barrels-per-day/?ref=blog.hedgehog.app
Energy Institute. "Oil Consumption Worldwide from 1998 to 2023 (in 1,000 Barrels per Day)." Statista, Statista Inc., 20 Jun 2024, https://www.statista.com/statistics/265239/global-oil-consumption-in-barrels-per-day/?ref=blog.hedgehog.app
Energy Institute, Oil consumption worldwide from 1998 to 2023 (in 1,000 barrels per day) Statista, https://www.statista.com/statistics/265239/global-oil-consumption-in-barrels-per-day/?ref=blog.hedgehog.app (last visited September 19, 2024)
Oil consumption worldwide from 1998 to 2023 (in 1,000 barrels per day) [Graph], Energy Institute, June 20, 2024. [Online]. Available: https://www.statista.com/statistics/265239/global-oil-consumption-in-barrels-per-day/?ref=blog.hedgehog.app