x(563).png "Crude Oil: Daily Global Demand, by year"){kind=logo}
| Year | Demand, in million barrels, per day |
|---|---|
| 2023 | 101.89 |
| 2022 | 99.57 |
| 2021 | 97.08 |
| 2020 | 91.19 |
| 2019 | 100.27 |
| 2018 | 99.07 |
| 2017 | 97.67 |
| 2016 | 95.70 |
| 2015 | 94.20 |
| 2014 | 92.00 |
| 2013 | 91.10 |
| 2012 | 89.10 |
| 2011 | 87.20 |
| 2010 | 84.80 |
| 2009 | 84.60 |
| 2008 | 85.90 |
| 2007 | 86.50 |
| 2006 | 84.58 |
| 2005 | 83.65 |
- Source: OPEC - Global crude oil demand
- Region: Worldwide
- Time period: 2005 to 2022
- Published: Apr 2023
Data Analysis and Insights
Recovery in demand post-2020
Global crude oil demand witnessed a significant recovery, increasing by 10.7 million barrels per day from 91.19 million barrels per day in 2020 to 101.89 million barrels per day in 2023, following the decline due to the global events of 2020.2020 marked the lowest demand
Demand in 2020 dropped to 91.19 million barrels per day, the lowest since 2009, when it was slightly higher at 84.60 million barrels per day.Trend of increasing demand
An overall increasing trend is observed, with demand growing from 83.65 million barrels per day in 2005 to 101.89 million barrels per day in 2023, indicating a sustained global growth in crude oil consumption over the period.Pre-2020 high demand plateau
Before the drop in 2020, global crude oil demand had reached a plateau, with demand hovering around 100 million barrels per day, peaking at 100.27 million barrels per day in 2019.2022 to 2023 saw notable growth
From 2022 to 2023, demand surged by 2.32 million barrels per day, one of the most significant year-over-year increases, underscoring a robust recovery phase.2015-2017 steady growth
Between 2015 and 2017, demand increased steadily, with a total increase of 3.47 million barrels per day, demonstrating consistent growth before the fluctuations of the late 2010s.Post-2010 recovery
After a slight decrease in 2009, demand experienced a recovery, rising from 84.60 million barrels per day in 2009 to 86.50 million barrels per day in 2007, showcasing resilience in global oil consumption patterns.Frequently Asked Questions
What was the lowest demand for crude oil in recent years?
The lowest demand occurred in 2020 with 91.19 million barrels per day, the lowest since 2009.
What was the trend in crude oil demand from 2005 to 2023?
There was a general increase from 83.65 million barrels per day in 2005 to 101.89 million barrels per day in 2023.
Terms and Definitions
The term 'daily global demand' refers to the amount of a particular commodity or product that all markets across the world collectively require or consume within a day. It is usually measured in appropriate units, per day, that vary according to the product in question.
'Million barrels' is a unit of measurement often used in the oil industry. It signifies the volume of a substance (in this case, crude oil) that is equivalent to one million barrels. Each barrel typically holds around 158.987 liters or around 42 US gallons.
The petroleum industry refers to the global collection of businesses, individuals, and activities involved in the exploration, extraction, refinement, transportation, and marketing of petroleum and petroleum products. Its primary product, crude oil, is used as a source of energy and in the manufacture of various products.
Hydrocarbons are organic compounds composed solely of hydrogen and carbon atoms. These compounds are the basic constituents of crude oil and natural gas. Hydrocarbons are primarily used as a source of energy but also for producing a wide variety of chemicals and synthetic materials.
The energy market refers to the economic exchange where energy resources are traded. This could include the trading of oil, gas, electricity and other energy sources. The price of these resources is dictated by supply and demand.
In the oil industry, a barrel is a standard unit of measurement. It equates to approximately 42 US gallons (approximately 159 liters).
'Supply and demand' is a fundamental economic concept that determines the price of a product in a market. 'Supply' refers to how much of a product is available, while 'demand' refers to the quantity of a product that consumers are willing to purchase. Increase in demand or decrease in supply generally leads to price increase, and vice-versa.
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