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Oil - global consumption in million metric tons 1970-2018

Global oil consumption from 1970 to 2018 (in million metric tons)

by T. Wang, last edited Sep 9, 2019
Oil - global consumption in million metric tons 1970-2018 Global consumption of oil has steadily increased over the last decades, totaling 4.66 billion metric tons in 2018, compared to 3.46 billion metric about 20 years ago. However, weaker economic growth and lower oil demand in recent years have driven crude oil prices down.

Regional oil consumption

The United States and China had the largest consumption of oil. However, historically the share of global oil consumption in Europe, Eurasia, and North America has decreased as consumption in other regions have rapidly grown. 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.
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Global oil consumption from 1970 to 2018 (in million metric tons)

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