Global Oil Consumption Trends in 2024: A Closer Look
In the ever-evolving landscape of global energy demand, the United States remained the largest oil consumer in 2024. According to the latest industry data, the U.S. accounted for nearly one-fifth of worldwide oil consumption, emphasising its central role in the global energy market.
United States Leads Global Demand
With consumption reaching approximately 18.995 million barrels per day, the U.S. maintained its top position despite a slight 0.1% decrease from the previous year. Over the last decade, American oil demand has edged upward at a modest 0.5% annual average, reflecting a mature but consistent energy market.
China Follows with Robust Historical Growth
Trailing closely behind, China consumed around 16.373 million barrels per day in 2024. While this marked a 1.2% decline year over year, the country has exhibited a strong 4.0% average annual growth in oil use from 2014 to 2024. Its industrial growth and expanding transportation sector continue to fuel long-term demand.
India’s Consumption Continues to Rise
India emerged as the third-largest oil consumer last year, with daily demand climbing to 5.620 million barrels, a 3.1% increase from the previous year. Over the last decade, India’s oil consumption has seen an average 3.8% annual rise, underscoring its growing energy needs as infrastructure and mobility expand.
Global Oil Demand in 2024
Worldwide, total oil consumption reached 101.418 million barrels per day, a 0.7% increase from the year before. Global demand has been climbing at an average of 1.0% annually since 2014, driven by population growth, industrialization in developing economies, and steady transport sector use.
Note: These figures encompass inland demand, international aviation, marine bunkers, refinery fuel, and losses. Biofuels like ethanol and biodiesel are excluded, while derivatives of coal and natural gas are included.
Oil Liquids Consumption: A Broader Measure
Beyond conventional oil, total oil liquids consumption—which includes synthetic fuels and other liquid hydrocarbons—paints an even broader picture.
United States: Led again with 20.307 million barrels per day, up 0.2% year on year, making up 19.4% of global demand in this category. Over the last decade, U.S. oil liquids use grew at a steady 0.6% average per year.
China: Recorded 16.473 million barrels per day, reflecting a 1.1% dip, but a consistent 4.0% average growth rate since 2014.
India: Continued its upward trajectory with 5.757 million barrels per day, a 3.7% annual increase, and now represents 5.5% of global oil liquids demand.
The global total for oil liquids hit 104.710 million barrels per day in 2024, rising 0.8% year over year and averaging 1.1% annual growth since 2014.
Methodology Note: The total oil liquids data includes inland consumption, refinery use, marine and aviation fuel, as well as synthetic fuels and certain derivatives. Biofuels are excluded from these figures.
What This Means for the Industry
For energy service providers like Oilfield International Services, these consumption trends shape strategic planning for exploration, drilling operations, and fluid systems development. As demand remains strong in key regions, optimizing drilling efficiency while maintaining environmental responsibility becomes more critical than ever.