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Energy Statistics

How Much Petroleum Does the World Consume?

For 2016, the International Energy Agency (IEA) Oil Market Report forecasts worldwide average demand of nearly 96 million barrels of oil and liquid fuels per day – that works out to more than 35 billion barrels a year. Production breached 97 million barrels per day (mb/d) in late 2015, and Medium-Term Oil Market Report 2016 foresees demand crossing the 100 mb/d threshold towards the end of its five-year outlook period.

Much discussion regarding "peak oil" occurred when worldwide consumption of petroleum hit an all time high in 2007 resulting in usage of 85.4 million barrels per day. The three largest consuming countries (in barrels per day) were: United States, 19.5 million; China, 7.9 million; Japan 4.8 million.

Consequently consumers became more conservative and adapted their behavior. As a result, by 2008 and 2009 consumption dropped below 2005 levels. Globally consumption during 2008 was lower than 2007.

 

iea key oil trends 2016Summary of the Oil Industry

Global Consumption (IER | Jan. 13, 2016):
Global consumption of petroleum and other liquid fuels averaged 95.6 million b/d in 2016, an increase of 1.4 million b/d from 2015. (Short-term Eenergy Outlook | Release Date: January 10, 2017)


U.S. Consumption:
In 2015, the United States consumed a total of 7.08 billion barrels of petroleum products, an average of about 19.4 million barrels per day. (March 17, 2016)

Production:

The top 10 oil producing countries in 2015 were: United States, Saudi Arabia, Russia, China, Canada, Iraq, United Arab Emirates, Iran, Brazil, Kuwait.

Nigeria and Algeria are the two most promising oil hot spots and are unstable due to civil war and terrorist attacks which frequently halt oil production.

Sources: U.S. Energy Information Administration (2014)

Prospectus

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March 2010
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