Monthly global liquid fuels consumption 2022-2024

Worldwide consumption for liquid fuels is forecast to reach 102.05 million barrels per day in March 2024. Figures are expected to increase further until the end of the year. In 2023, global crude oil demand was estimated to average some 102 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.