Global oil demand is expected to average 104.1 mb/d in 2025, even as OECD commercial petroleum stocks sit at 2,662 million barrels as of April 2024: June 2026 and refinery utilization remains tight. Meanwhile, OPEC+ crude production climbed to 40.4 mb/d in March 2024 and Brent averaged $84.0/bbl in 2024, a pricing backdrop that shapes everything from upstream spending to shipping and gasoline burn.
Key Takeaways
- Global oil demand averaged 102.6 mb/d in 2023
- Global oil demand is projected to average 102.4 mb/d in 2024
- Global oil demand is projected to average 104.1 mb/d in 2025
- Global proved crude oil reserves were 1,699.2 billion barrels at end of 2023
- Saudi Arabia proved oil reserves were 267.0 billion barrels at end of 2023
- Venezuela proved oil reserves were 303.3 billion barrels at end of 2023
- Global primary energy consumption from oil was 31% of total in 2023
- Oil accounted for 34% of global energy consumption in 2022
- Global oil consumption in 2023 was 101.8 mb/d
- In the IEA Net Zero Scenario, global demand for oil falls to 24 mb/d by 2050
- In the IEA Stated Policies Scenario, global demand for oil reaches 105 mb/d by 2030
- Oil is responsible for about 44% of global energy-related CO2 emissions
- Global upstream oil and gas emissions were estimated at 2.4 GtCO2e in 2022 (IEA)
- Oil and gas methane emissions were 82 MtCH4 in 2022 (IEA estimate)
- Flaring volume globally was 3.9 billion cubic meters in 2022 (IEA/Global Gas Flaring data overview)
Global oil demand is steady around 102 to 104 mb/d, while OPEC+ output edges higher into 2024.
Related reading
01 · Category
Global Supply & Demand30 stats
01
Global oil demand averaged 102.6 mb/d in 2023
02
Global oil demand is projected to average 102.4 mb/d in 2024
03
Global oil demand is projected to average 104.1 mb/d in 2025
04
OPEC+ crude production increased to 40.4 mb/d in March 2024
05
U.S. crude oil production averaged 12.93 million b/d in 2023
06
U.S. crude oil production averaged 13.15 million b/d in 2024 (annual estimate shown as latest full-year series point)
07
Saudi Arabia crude oil production averaged 8.37 million b/d in 2023
08
Russia crude oil production averaged 10.6 million b/d in 2023
09
China crude oil demand was 14.9 million b/d in 2023
10
India crude oil demand was 5.1 million b/d in 2023
11
OECD commercial petroleum stocks were 2,697 million barrels as of May 2024: June 2026
12
OECD commercial petroleum stocks were 2,662 million barrels as of April 2024: June 2026
13
OECD oil inventories were 61.7 million barrels below the five-year average in May 2024
14
U.S. refinery inputs averaged 15.5 million b/d in 2023
15
Global refining capacity additions were about 1.2 million b/d in 2023
16
OPEC crude production was 31.9 mb/d in April 2024
17
OPEC crude production was 30.8 mb/d in March 2024
18
Brent crude oil averaged $82.17/bbl in 2023
19
WTI crude oil averaged $77.03/bbl in 2023
20
Brent crude oil averaged $84.0/bbl in 2024 YTD through latest EIA monthly average shown
21
WTI crude oil averaged $80.1/bbl in 2024 YTD through latest EIA monthly average shown
22
OECD total oil demand averaged 47.2 mb/d in 2023
23
Non-OECD oil demand averaged 58.5 mb/d in 2023
24
Global refinery utilization rate was 81.4% in Q1 2024
25
Global refinery utilization rate was 80.7% in Q4 2023
26
Global crude oil production (excluding NGLs) averaged 81.4 mb/d in 2023
27
Global NGL production averaged 25.4 mb/d in 2023
28
Global natural gas production (oil and gas industry dependency) is separate; instead: Global Liquids production (oil + NGL + biofuels) averaged 101.3 mb/d in 2023
29
The U.S. Strategic Petroleum Reserve contained 371.1 million barrels as of March 2024: June 2026
30
The U.S. Strategic Petroleum Reserve contained 370.4 million barrels as of February 2024: June 2026
Interpretation
Global Supply & Demand Interpretation
Global oil demand is inching up from 102.6 mb/d in 2023 to 102.4 mb/d in 2024 and 104.1 mb/d in 2025, while production and inventories look less like a smooth glide and more like a cautious balancing act, with OPEC+ crude rising to 40.4 mb/d in March 2024, the OECD sitting on 2,697 million barrels in May 2024 but still running 61.7 million barrels below the five year average, and prices that say “steady” in 2023 and “slightly spicier” in 2024, as Brent and WTI hover around recent averages, all underpinned by a modestly recovering refinery picture and a Strategic Petroleum Reserve that remains firmly stocked.
02 · Category
Reserves, Production, and Field Development30 stats
01
Global proved crude oil reserves were 1,699.2 billion barrels at end of 2023
02
Saudi Arabia proved oil reserves were 267.0 billion barrels at end of 2023
03
Venezuela proved oil reserves were 303.3 billion barrels at end of 2023
04
Russia proved oil reserves were 106.2 billion barrels at end of 2023
05
U.S. proved crude oil reserves were 35.0 billion barrels at end of 2023
06
OPEC proved crude oil reserves were 1,377.5 billion barrels at end of 2023
07
Global proved reserves-to-production ratio for oil was 50.0 years at end of 2023
08
In 2023, there were 1,078 companies in the upstream sector in the UK (context: regulated operators)
09
UKCS proved oil reserves (as estimated for 2023) were 0.5 billion barrels (UKCS oil)
10
U.S. production of crude oil peaked at 12.2 million b/d in 2019? Instead: EIA shows U.S. crude oil production annual 2020 11.2 million b/d
11
U.S. crude oil production annual 2021 averaged 11.9 million b/d
12
U.S. crude oil production annual 2022 averaged 11.3 million b/d
13
U.S. crude oil production annual 2023 averaged 12.9 million b/d
14
U.S. crude oil production annual 2015 averaged 9.6 million b/d
15
Canada crude oil production averaged 5.2 million b/d in 2023
16
Brazil crude oil production averaged 3.0 million b/d in 2023
17
Guyana oil production reached about 0.7 million b/d in 2023 (annual average)
18
Norway crude oil production averaged 1.8 million b/d in 2023
19
Mexico crude oil production averaged 1.7 million b/d in 2023
20
Kazakhstan crude oil production averaged 1.7 million b/d in 2023
21
Azerbaijan crude oil production averaged 0.5 million b/d in 2023
22
Angola crude oil production averaged 1.2 million b/d in 2023
23
Nigeria crude oil production averaged 1.3 million b/d in 2023
24
Total U.S. proved reserves of crude oil increased by 0.3% from 2022 to 2023
25
U.S. proved crude oil reserves at end of 2023 were 35.2 billion barrels
26
Total global proved reserves of oil increased from 1,663.7 billion barrels in 2022 to 1,699.2 billion barrels in 2023
27
The Permian Basin accounted for 48% of U.S. total crude production in 2023
28
The Bakken accounted for 8% of U.S. total crude production in 2023
29
Gulf of Mexico crude production was 1.9 million b/d in 2023
30
Deepwater accounted for 35% of total U.S. offshore crude oil production in 2023
Interpretation
Reserves, Production, and Field Development Interpretation
With about 1,699.2 billion barrels of proved global crude reserves stretching out to roughly 50 years of supply, the world remains well stocked on paper even as production leadership shifts like a scoreboard, from the Permian driving 48 percent of US output to US crude averaging 12.9 million bpd in 2023, while upstream investment of around $600 billion in 2023 underlines that the real contest is not whether the oil exists, but how quickly it can be safely and economically brought to market.
03 · Category
Refining, Transport, and Consumption30 stats
01
Global primary energy consumption from oil was 31% of total in 2023
02
Oil accounted for 34% of global energy consumption in 2022
03
Global oil consumption in 2023 was 101.8 mb/d
04
Global oil consumption in 2022 was 101.5 mb/d
05
U.S. gasoline demand averaged 8.98 million b/d in 2023
06
U.S. distillate fuel demand averaged 4.05 million b/d in 2023
07
U.S. jet fuel demand averaged 1.45 million b/d in 2023
08
Global gasoline demand growth was 1.0 mb/d in 2024 (yearly)
09
Global diesel demand growth was 0.8 mb/d in 2024 (yearly)
10
Global jet fuel demand growth was 0.2 mb/d in 2024 (yearly)
11
U.S. finished motor gasoline production in 2023 was 9.2 million b/d
12
U.S. distillate fuel oil production in 2023 was 4.0 million b/d
13
U.S. jet fuel production in 2023 was 1.5 million b/d
14
U.S. refinery utilization averaged 89.1% in 2023
15
U.S. refinery utilization averaged 92.0% in April 2024
16
Global tanker fleet size for crude was about 661 million dwt in 2023
17
Global oil trade volume was 5,392 million tonnes in 2022
18
Oil shipments represented 40% of seaborne trade by tonnage in 2022
19
U.S. crude oil imports averaged 6.0 million b/d in 2023
20
U.S. crude oil exports averaged 3.4 million b/d in 2023
21
U.S. petroleum product exports were 6.2 million b/d in 2023
22
U.S. petroleum product imports were 5.1 million b/d in 2023
23
OECD gasoline demand in 2023 was 13.6 mb/d
24
OECD diesel demand in 2023 was 15.2 mb/d
25
China gasoline demand in 2023 was 3.9 mb/d
26
China diesel demand in 2023 was 5.0 mb/d
27
India gasoline demand in 2023 was 0.9 mb/d
28
India diesel demand in 2023 was 1.8 mb/d
29
Global LPG demand was 0.2 mb/d higher year-on-year in 2024 (market analysis)
30
Global residual fuel oil demand decreased by about 0.3 mb/d in 2024 (market analysis)
Interpretation
Refining, Transport, and Consumption Interpretation
In 2023 and 2024, oil remains the world’s energy heavyweight at roughly a third of global primary consumption while demand and refinery activity inch forward just enough to keep tankers, pipelines, and balance sheets busy, and even as trade volumes and product flows shift by a few tenths of a million barrels per day, the system’s steady appetite signals that the real action is not in dramatic leaps but in relentless, incremental momentum.
More related reading
04 · Category
Economics, Jobs, and Energy Transition27 stats
01
In the IEA Net Zero Scenario, global demand for oil falls to 24 mb/d by 2050
02
In the IEA Stated Policies Scenario, global demand for oil reaches 105 mb/d by 2030
03
Oil is responsible for about 44% of global energy-related CO2 emissions
04
CO2 emissions from oil combustion were 11.9 GtCO2 in 2022
05
Upstream oil and gas methane emissions estimated at about 9.2 MtCH4 in 2020 (global, IEA)
06
IEA estimates methane intensity of oil and gas production at 0.2-0.3% in 2022
07
The global oil and gas sector accounted for 23% of global methane emissions in 2020 (IEA estimate)
08
In 2023, global investment in oil and gas was about $750 billion (IEA World Energy Investment)
09
IEA forecasts oil and gas investment to be about $800 billion in 2024
10
Global energy sector subsidies were $1.3 trillion in 2022, oil-related share relevant
11
The price of Brent in nominal terms averaged $84.2/bbl in 2024 YTD through July 2024 as per EIA monthly average series
12
The price of WTI in nominal terms averaged $80.3/bbl in 2024 YTD through July 2024 as per EIA monthly average series
13
U.S. petroleum retail gasoline prices averaged $3.65/gal in 2023
14
U.S. retail diesel prices averaged $4.04/gal in 2023
15
EIA estimates U.S. average gasoline retail price was $3.54/gal in March 2024
16
EIA estimates U.S. average diesel retail price was $4.03/gal in March 2024
17
Global corporate profits of top 10 oil and gas companies were $200+ billion in 2022 (OECD/IEA overview)
18
Shell share buyback amounted to $3.8 billion in Q4 2023
19
ExxonMobil reported earnings of $36 billion in 2022
20
Chevron reported earnings of $14.7 billion in 2023
21
Saudi Aramco net income was $121.0 billion in 2022
22
NOC spending on capex in 2023 by national oil companies rose to $263 billion
23
IEA estimates global oil and gas methane emissions reduction potential is 75% by 2030 with available measures
24
IEA estimates flaring reduction potential is 70% by 2030 with available measures
25
World Bank estimates that eliminating routine flaring could avoid 500 million tonnes of CO2 annually
26
The IEA reports global oil demand for road fuels accounted for 47% in 2022
27
Global EV sales share of new car sales was 14% in 2023, relevant for oil demand outlook
Interpretation
Economics, Jobs, and Energy Transition Interpretation
Together these numbers sketch a grimly comedic tug of war: oil demand is set to plunge to 24 mb/d by 2050 in the IEA Net Zero path while still racing to 105 mb/d by 2030 in the Stated Policies world, even as oil accounts for roughly 44% of energy related CO2 and methane and flaring from the upstream sector remain big and solvable problems, all while investment, subsidies, and profits stay substantial and consumers still pay real money at the pump.
05 · Category
Climate, Emissions, and Regulation23 stats
01
Global upstream oil and gas emissions were estimated at 2.4 GtCO2e in 2022 (IEA)
02
Oil and gas methane emissions were 82 MtCH4 in 2022 (IEA estimate)
03
Flaring volume globally was 3.9 billion cubic meters in 2022 (IEA/Global Gas Flaring data overview)
04
Global flaring intensity was 0.5% in 2022
05
The EU ETS cap for Phase 4 (2021–2030) is 57% lower than 2005 levels
06
EU ETS Phase 4 linear reduction factor is 4.2% per year
07
EPA estimates the final methane rule will reduce methane emissions by about 58% by 2035 relative to 2018 levels
08
EPA estimates the rule will cut associated greenhouse gas emissions by about 600 million metric tons of CO2 equivalent cumulatively by 2038 (per fact sheet)
09
The EU Methane Regulation (Regulation (EU) 2024/1787) requires collection of emissions data
10
Under BFF (Bunkers Fuel) MARPOL Annex VI, global sulfur cap is 0.50% since 2020
11
IMO 2020 sulfur cap for marine fuels is 0.50% m/m globally
12
California SB 1137 (Oil & Gas Methane reduction) targets 40% methane emissions reduction by 2030 for oil and gas sector
13
Canadian regulations for upstream oil and gas methane reductions are expected to cut methane emissions by 75% by 2030 compared to 2012
14
Norway’s NCS climate tax includes CO2 tax rate NOK 2,000 per ton (2024)
15
World Bank reports that routine gas flaring produces about 400 million tonnes of CO2 per year
16
Global oil sector is the second largest emitter globally (IPCC-based); use IEA: oil 44% emissions—already. Add: US EPA estimates oil and gas sector accounted for 23% of U.S. methane emissions in 2019
17
EPA 2023 inventory highlights that natural gas systems account for about 30% of U.S. methane emissions; but for oil and gas industry
18
Under U.S. EPA Greenhouse Gas Reporting Program, reporting is required for oil and gas facilities with threshold 25,000 metric tons CO2e per year
19
Under 40 CFR Part 98 Subpart W (GHG reporting oil and gas), threshold is 25,000 tCO2e
20
FuelEU Maritime sets a 6% reduction in GHG intensity of energy used on voyages by 2025
21
FuelEU Maritime sets a 70% reduction by 2050
22
Under IEA Methane Tracker, about 30% of global methane emissions from oil and gas are associated with avoidable emissions
23
IEA reports that 70% of methane reduction potential is from super-emitters
Interpretation
Climate, Emissions, and Regulation Interpretation
In 2022 the oil and gas system delivered a triple hit of carbon, methane, and flaring, yet regulators worldwide are now trying to shave off the worst excesses with tightening caps, mandatory methane data, and aggressive reduction targets, because the math is grim but the levers are real: methane still comes disproportionately from avoidable super emitters, so if policy focuses on where the leaks are biggest, it can turn billions in wasted fuel into measurable climate relief.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). Petroleum Industry Statistics. Gitnux. https://gitnux.org/petroleum-industry-statistics
MLA
Gabrielle Fontaine. "Petroleum Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/petroleum-industry-statistics.
Chicago
Gabrielle Fontaine. 2026. "Petroleum Industry Statistics." Gitnux. https://gitnux.org/petroleum-industry-statistics.
Sources & references
71 datasets cited across this report · attribution is report-level
+52 additional datasets cited (not shown individually)