Released July 01, 2025 | SUGAR LAND
en
Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Global demand for crude oil and associated liquids averaged a record of about 104.7 million barrels per day (BBL/d) in 2024, a gain of slightly less than 1% compared to 2023 use, according to the annual "Statistical Review of World Energy," prepared by the Energy Institute (EI) (London, England) and consultants Kearney (Chicago, Illinois) and KPMG (London). The report was released June 26.
Looking back on world oil markets for 2024, EI said, "Crude oil demand in OECD [Organization for Economic Cooperation and Development] countries remained flat, following a slight decline in the previous year. In contrast, non-OECD countries saw oil consumption rise by 1%, where much of the world's energy demand growth is concentrated and fossil fuels continue to play a dominant role. Notably, Chinese crude oil demand fell in 2024 by 1.2%, indicating that 2023 may have reached a peak."
While oil use hit a new record in 2024, the EI and its coauthors expressed concern about the impact that rising overall hydrocarbon use worldwide could have on global warming. "In a year when average air temperatures consistently breached the 1.5°C warming threshold," it said in a statement accompanying the 76-page report, "global CO₂-equivalent emissions from energy rose by 1%, marking yet another record, the fourth in as many years."
The EI report assessed the entire global energy market and highlighted three central themes from 2024: surging growth in energy production and demand; an energy transition it termed "increasingly disorderly," even "chaotic"; and the accelerating rate of electrification. Regarding electrification, it identified a pattern of "energy addition rather than energy substitution" to describe the world's continued high reliance on hydrocarbons, despite sharply rising growth in renewable energy. In 2024, it found, 60% of energy demand growth around the world was met with fossil fuels.
The report's section on oil reported liquid hydrocarbon supply and demand figures, which combined crude oil, shale oil, oil sands, condensate and natural gas liquids (NGLs).
The U.S. was the largest consumer of liquids last year, accounting for about 19.4% of global consumption. Last year, U.S. liquids use averaged about 20.3 million BBL/d, followed by China (16.4 million BBL/d), India (5.8 million BBL/d), Saudi Arabia (4 million BBL/d), the Russian Federation (3.9 million BBL/d) and Japan (3.3 million BBL/d).
U.S. demand grew only 0.2% in 2024, down from 0.6% annual average increase for the preceding decade. China's liquids usage fell 1.1% in 2024, a reversal from the prior decade's annual average gain of 4%. Overall, China accounted for about 16% of global liquids demand last year. India increased its use of liquids about 3.7% in 2024, a slight slowdown from the 4% annual average gains over the previous decade, the EI report said.
The EI report said declines in oil use, or slower rates of increase, stemmed largely from greater use of electrified vehicles.
As for production of liquids, the EI reported crude oil and condensate separately from NGLs. Global crude oil and condensate production in 2024 rose slightly, about 0.1%, to approximately 83 million BBL/d. The U.S. remained the largest single producer of crude and condensate, but production gains slowed by more than half compared to the previous decade: 2% growth in 2024 compared to 4.2% gains annually for the prior decade. The U.S. accounted for about 16% of worldwide production of crude oil and condensate last year, the report said.
After the U.S., leading producers of crude and condensate were the Russian Federation (10.2 million BBL/d), Saudi Arabia (9.2 million BBL/d), and Iran, Iraq and China (each about 4.3 million BBL/d).
EI explained that the gap between worldwide demand and supply stemmed from changes in inventories, consumption of non-petroleum additives and substitute fuels and "unavoidable disparities in the definition, measurement or conversion of oil supply and demand data."
When the "Statistical Review of World Energy" looked at NGL production, it found that the U.S. accounted for nearly half of global production, at 6.9 million BBL/d out of 14.1 million BBL/d. U.S. production rose 6.8% last year, but that was a slowdown from the average annual gain of about 8.7% for the prior decade. Saudi Arabia was the only other country whose NGL production exceeded 1 million BBL/d last year: it produced about 1.7 million BBL/d in 2024, about even with its 2023 production.
Overall, approximately 58% of NGL production came from countries in the OECDwhile the remaining 48% came from non-OECD countries. Most of the non-OECD production came from nations in the Organization of the Petroleum Exporting Countries (OPEC) (Vienna, Austria).
The "Statistical Review of World Energy" also assessed global refinery capacity and throughput. Capacity totaled approximately 104.5 million BBL/d last year, a 1.1% gain over 2023. That represents an acceleration from the 0.7% annual average gain over the prior decade. The countries with greatest refining capacity were: China, with about 18.5 million BBL/d of capacity, about 17.7% of global capacity; the U.S., with about 18.4 million BBL/d, about 17.6% of global capacity; the Russian Federation (6.8 million BBL/d, or 6.5% of global capacity; and India 5.2 million BBL/d, or 4.9% of worldwide capacity.
On a year-over-year basis, the nations with the biggest increase in refining capacity were Nigeria (about 95% growth), Oman (42% gain) and Malaysia (21% YOY increase). Worldwide, non-OECD countries accounted for about 58.3% of refining capacity in 2024 compared to the 41.7% located in OECD countries.
On a throughput basis, the U.S. was the global leader, refining about 16.2 million BBL/d, or about 19.6% of global throughput. It was followed by China (14.6 million BBL/d, or roughly 17.6% of global throughput), the Russian Federation (5.5 million BBL/d, or 6.6% of worldwide throughput) and India (5.3 million BBL/d, or 6.4% of overall worldwide throughput).
EI said worldwide primary energy use rose about 2% in 2024, to approximately 592 EJ. Of that, oil was the largest single component, accounting for about 34% of primary energy use, or roughly 199 EJ, followed by coal (28% or 165 EJ) and natural gas 149 EJ or roughly 25%).
Click on the image at right to see a graphic summarizing global primary energy demand by fuel for 2024.
Reflecting on changes in global energy production and use in 2024, Nick Wayth, EI's chief executive officer, said: "All major energy sources, including nuclear and hydro, hit record consumption levels (for the first time since 2006), a reflection of surging global demand. No country has shaped this outcome more than China. Its rapid expansion of renewable capacity, alongside continued reliance on coal, gas, and oil, is driving global energy trends. The scale and direction of China's energy choices will be pivotal in determining whether the world can deliver a secure, affordable, and low-carbon energy future."
For roughly seven decades, this annual statistical atlas had been produced by BP (London, England). But EI took it over in 2023. This year's report was the 74th edition.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Looking back on world oil markets for 2024, EI said, "Crude oil demand in OECD [Organization for Economic Cooperation and Development] countries remained flat, following a slight decline in the previous year. In contrast, non-OECD countries saw oil consumption rise by 1%, where much of the world's energy demand growth is concentrated and fossil fuels continue to play a dominant role. Notably, Chinese crude oil demand fell in 2024 by 1.2%, indicating that 2023 may have reached a peak."
While oil use hit a new record in 2024, the EI and its coauthors expressed concern about the impact that rising overall hydrocarbon use worldwide could have on global warming. "In a year when average air temperatures consistently breached the 1.5°C warming threshold," it said in a statement accompanying the 76-page report, "global CO₂-equivalent emissions from energy rose by 1%, marking yet another record, the fourth in as many years."
The EI report assessed the entire global energy market and highlighted three central themes from 2024: surging growth in energy production and demand; an energy transition it termed "increasingly disorderly," even "chaotic"; and the accelerating rate of electrification. Regarding electrification, it identified a pattern of "energy addition rather than energy substitution" to describe the world's continued high reliance on hydrocarbons, despite sharply rising growth in renewable energy. In 2024, it found, 60% of energy demand growth around the world was met with fossil fuels.
The report's section on oil reported liquid hydrocarbon supply and demand figures, which combined crude oil, shale oil, oil sands, condensate and natural gas liquids (NGLs).
The U.S. was the largest consumer of liquids last year, accounting for about 19.4% of global consumption. Last year, U.S. liquids use averaged about 20.3 million BBL/d, followed by China (16.4 million BBL/d), India (5.8 million BBL/d), Saudi Arabia (4 million BBL/d), the Russian Federation (3.9 million BBL/d) and Japan (3.3 million BBL/d).
U.S. demand grew only 0.2% in 2024, down from 0.6% annual average increase for the preceding decade. China's liquids usage fell 1.1% in 2024, a reversal from the prior decade's annual average gain of 4%. Overall, China accounted for about 16% of global liquids demand last year. India increased its use of liquids about 3.7% in 2024, a slight slowdown from the 4% annual average gains over the previous decade, the EI report said.
The EI report said declines in oil use, or slower rates of increase, stemmed largely from greater use of electrified vehicles.
As for production of liquids, the EI reported crude oil and condensate separately from NGLs. Global crude oil and condensate production in 2024 rose slightly, about 0.1%, to approximately 83 million BBL/d. The U.S. remained the largest single producer of crude and condensate, but production gains slowed by more than half compared to the previous decade: 2% growth in 2024 compared to 4.2% gains annually for the prior decade. The U.S. accounted for about 16% of worldwide production of crude oil and condensate last year, the report said.
After the U.S., leading producers of crude and condensate were the Russian Federation (10.2 million BBL/d), Saudi Arabia (9.2 million BBL/d), and Iran, Iraq and China (each about 4.3 million BBL/d).
EI explained that the gap between worldwide demand and supply stemmed from changes in inventories, consumption of non-petroleum additives and substitute fuels and "unavoidable disparities in the definition, measurement or conversion of oil supply and demand data."
When the "Statistical Review of World Energy" looked at NGL production, it found that the U.S. accounted for nearly half of global production, at 6.9 million BBL/d out of 14.1 million BBL/d. U.S. production rose 6.8% last year, but that was a slowdown from the average annual gain of about 8.7% for the prior decade. Saudi Arabia was the only other country whose NGL production exceeded 1 million BBL/d last year: it produced about 1.7 million BBL/d in 2024, about even with its 2023 production.
Overall, approximately 58% of NGL production came from countries in the OECDwhile the remaining 48% came from non-OECD countries. Most of the non-OECD production came from nations in the Organization of the Petroleum Exporting Countries (OPEC) (Vienna, Austria).
The "Statistical Review of World Energy" also assessed global refinery capacity and throughput. Capacity totaled approximately 104.5 million BBL/d last year, a 1.1% gain over 2023. That represents an acceleration from the 0.7% annual average gain over the prior decade. The countries with greatest refining capacity were: China, with about 18.5 million BBL/d of capacity, about 17.7% of global capacity; the U.S., with about 18.4 million BBL/d, about 17.6% of global capacity; the Russian Federation (6.8 million BBL/d, or 6.5% of global capacity; and India 5.2 million BBL/d, or 4.9% of worldwide capacity.
On a year-over-year basis, the nations with the biggest increase in refining capacity were Nigeria (about 95% growth), Oman (42% gain) and Malaysia (21% YOY increase). Worldwide, non-OECD countries accounted for about 58.3% of refining capacity in 2024 compared to the 41.7% located in OECD countries.
On a throughput basis, the U.S. was the global leader, refining about 16.2 million BBL/d, or about 19.6% of global throughput. It was followed by China (14.6 million BBL/d, or roughly 17.6% of global throughput), the Russian Federation (5.5 million BBL/d, or 6.6% of worldwide throughput) and India (5.3 million BBL/d, or 6.4% of overall worldwide throughput).
EI said worldwide primary energy use rose about 2% in 2024, to approximately 592 EJ. Of that, oil was the largest single component, accounting for about 34% of primary energy use, or roughly 199 EJ, followed by coal (28% or 165 EJ) and natural gas 149 EJ or roughly 25%).
Click on the image at right to see a graphic summarizing global primary energy demand by fuel for 2024.Reflecting on changes in global energy production and use in 2024, Nick Wayth, EI's chief executive officer, said: "All major energy sources, including nuclear and hydro, hit record consumption levels (for the first time since 2006), a reflection of surging global demand. No country has shaped this outcome more than China. Its rapid expansion of renewable capacity, alongside continued reliance on coal, gas, and oil, is driving global energy trends. The scale and direction of China's energy choices will be pivotal in determining whether the world can deliver a secure, affordable, and low-carbon energy future."
For roughly seven decades, this annual statistical atlas had been produced by BP (London, England). But EI took it over in 2023. This year's report was the 74th edition.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
