Global oil consumption reached an unprecedented peak in 2024, signaling persistent demand even as regional dynamics begin to diverge significantly. According to the 2025 Statistical Review of World Energy, daily consumption surged to 101.8 million barrels (bpd), marking a 0.7% increase over the previous year. This growth was predominantly driven by non-OECD nations, highlighting a pivotal shift in the global energy landscape and underscoring the enduring strategic importance of oil in the world economy.
- Global oil consumption reached an unprecedented peak of 101.8 million bpd in 2024.
- This 0.7% year-over-year increase was primarily driven by non-OECD nations.
- China’s daily oil demand dropped by 1.2% to 16.4 million bpd, a notable deviation from historical growth.
- India’s consumption accelerated by 3.1% to 5.6 million bpd, fueled by robust economic expansion.
- Global oil output, including natural gas liquids, reached 96.9 million bpd in 2024.
- Guyana is rapidly emerging as a significant producer, projected to reach one million bpd within a few years.
Divergent Demand Dynamics
The latest data reveals contrasting trends among the world’s largest consumers. The United States maintained its position as the top consumer, accounting for 18.7% of global demand, despite a slight year-over-year decrease. Over the past decade, however, U.S. demand has grown at an average rate of 0.5% annually. China, the second-largest consumer with a 16.1% share, experienced a 1.2% drop in its daily demand to 16.4 million bpd. This marks a notable deviation from its historical 4% annual growth, attributed to an economic slowdown and increasing transportation electrification, suggesting a potential plateau in its oil consumption. In stark contrast, India is rapidly ascending, with its consumption accelerating by 3.1% year-over-year to 5.6 million bpd. This growth is fueled by robust economic expansion and a growing middle class, positioning India as a critical future driver of global oil demand.
Global Production Landscape
On the production front, global output, including natural gas liquids, reached 96.9 million bpd in 2024, surpassing pre-pandemic levels by 1.8 million barrels. While this indicates a recovery, it also suggests underlying pressures on supply capacity. The United States led global production with 20.1 million bpd; however, a significant portion of this comprised natural gas liquids. Crude and condensate production, which forms the core of marketable oil, grew by a modest 2% to 13.2 million bpd, falling short of the 4.2% average growth observed in the preceding decade. Russia and Saudi Arabia followed in production, with 10.2 million bpd and 9.2 million bpd respectively. Both nations experienced declines due to a combination of international sanctions, voluntary production cuts, and strategic adjustments.
Emerging Producers and Market Equilibrium
The energy map continues to evolve with the emergence of new significant players. Guyana, for instance, has rapidly become a notable producer, currently exceeding 600,000 bpd and projected to reach one million bpd within a few years. With estimated reserves of 11 billion barrels, Guyana could soon join the ranks of the top five global producers, fundamentally reshaping future supply dynamics. Despite these developments, the 2025 report cautions that the current balance between global oil supply and demand remains fragile. Factors such as the coordination among OPEC+ members, the resilience of U.S. shale production, and the general weakness in global demand have collectively helped to contain market volatility. Any significant disruption to these pillars, however, carries the potential to destabilize the market, underscoring the delicate equilibrium in the international energy sector.
Michael Zhang is a seasoned finance journalist with a background in macroeconomic analysis and stock market reporting. He breaks down economic data into easy-to-understand insights that help you navigate today’s financial landscape.