The global demand for crude oil (including biofuels) in 2023 amounted to 102.21 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 104 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 110 million barrels per day by 2045, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 30.1 million barrels per day in 2045, up from 27.6 million barrels in 2021. Gasoline demand is forecast at 27.6 million barrels by 2045.
Beyond oil - efforts made by an industry looking to cut carbon intensity
Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, efforts have been made within the energy industry in finding an alternative to the fossil fuel. One such alternative generating great enthusiasm is hydrogen. The most abundant chemical element in the universe has become of particular interest due to its potential as an energy carrier. Similar to oil, it may serve as a feedstock or main ingredient for transportation fuels, energy generation and storage, and also chemicals production. While today it is mainly won from natural gas conversion (so-called grey hydrogen), most investments are aimed at making hydrogen production through electrolysis using renewable electricity (green hydrogen) more cost efficient. Oil refineries and ammonia production facilities are main consumers of hydrogen, with the transportation sector accounting for a much lesser share.
Demand for crude oil worldwide from 2005 to 2023, with a forecast for 2024
(in million barrels per day)
* Forecast.
This statistic was assembled from several editions of the OPEC monthly and annual reports. All figures are annual averages and include biofuels.
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OPEC. (April 13, 2024). Demand for crude oil worldwide from 2005 to 2023, with a forecast for 2024 (in million barrels per day) [Graph]. In Statista. Retrieved October 10, 2024, from https://www.statista.com/statistics/271823/global-crude-oil-demand/
OPEC. "Demand for crude oil worldwide from 2005 to 2023, with a forecast for 2024 (in million barrels per day)." Chart. April 13, 2024. Statista. Accessed October 10, 2024. https://www.statista.com/statistics/271823/global-crude-oil-demand/
OPEC. (2024). Demand for crude oil worldwide from 2005 to 2023, with a forecast for 2024 (in million barrels per day). Statista. Statista Inc.. Accessed: October 10, 2024. https://www.statista.com/statistics/271823/global-crude-oil-demand/
OPEC. "Demand for Crude Oil Worldwide from 2005 to 2023, with a Forecast for 2024 (in Million Barrels per Day)." Statista, Statista Inc., 13 Apr 2024, https://www.statista.com/statistics/271823/global-crude-oil-demand/
OPEC, Demand for crude oil worldwide from 2005 to 2023, with a forecast for 2024 (in million barrels per day) Statista, https://www.statista.com/statistics/271823/global-crude-oil-demand/ (last visited October 10, 2024)
Demand for crude oil worldwide from 2005 to 2023, with a forecast for 2024 (in million barrels per day) [Graph], OPEC, April 13, 2024. [Online]. Available: https://www.statista.com/statistics/271823/global-crude-oil-demand/