Oil Production Remains Steady, Yet Subtle Alterations Suggest Potential Future Transformations
In 2024, the global oil market witnessed a significant evolution as consumption and production continued to grow, with notable shifts among the largest consumers and producers.
**Global Oil Consumption in 2024:**
Worldwide oil consumption reached an all-time high of over 4.5 billion metric tons, surpassing the 2023 figure and continuing to grow. The United States and China remain the largest consumers of oil globally. Consumption growth is especially strong in the Asia Pacific region, which saw a 5.3% increase. The U.S. oil demand is driven by petrochemical production, industrial activity, and transportation, particularly trucking.
**Global Oil Production in 2024:**
Global oil supply increased to around 105 million barrels per day (mb/d) as of mid-2025, which is about 1.8 mb/d higher than the previous year. This growth is robust despite geopolitical tensions and market uncertainties. OPEC+ countries have increased output more than expected, contributing to larger supply and downward pressure on prices.
**Demand Forecast and Trends:**
Global oil demand is forecast to increase by about 2.5 mb/d between 2024 and 2030, plateauing around 105.5 mb/d. In 2025 alone, demand is expected to rise by approximately 720,000 barrels per day, driven primarily by non-OECD countries. Non-OECD regions continue to lead consumption growth, reflecting ongoing industrialization and transportation needs.
**Price and Market Dynamics:**
Brent crude oil prices fell to an average of around USD 64.5 per barrel in May 2025, the lowest since May 2021, influenced by increased output from major producers and rising tariffs. The balance between growing demand and substantial supply increases is creating new market uncertainties.
In conclusion, 2024 sees continued growth in global oil consumption dominated by the U.S. and China, with Asia Pacific leading regional increases, while production expands through increased OPEC+ output, balancing the market amidst geopolitical and economic pressures. Notable developments include the U.S.'s increasing production of natural gas liquids, India's growing oil consumption, and potential shifts in Saudi Arabia's production strategy. These trends underscore the dynamic nature of the global oil market and the ongoing need for strategic decision-making by major players.
Summary Table of Key Points:
| Aspect | Detail | |-----------------------|------------------------------------------------------------| | Largest Consumers | United States, China | | Regional Growth | Asia Pacific leads consumption growth (~5.3%) | | Global Consumption | Over 4.5 billion metric tons in 2023, increasing in 2024 | | Global Production | ~105 mb/d in mid-2025, 1.8 mb/d higher than prior year | | Demand Forecast | +2.5 mb/d growth 2024-2030, plateau ~105.5 mb/d | | Price Trend | Brent crude around USD 64.5/bbl in May 2025, lowered prices | | Demand Drivers | Non-OECD countries primarily driving future growth |
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- The evolution of the global oil market in 2024, marked by an increase in both consumption and production, is a significant event for the oil-and-gas industry and indicates ongoing financial implications.
- The Energy Institute Statistical Review reveals that the United States and China lead the global oil consumption industry, while India and other non-OECD countries contribute to its growth.
- In the finance sector, experts forecast a continuation of increased global oil demand and production, impacting the oil market outlook 2025 and influencing the energy business worldwide.
