Industry scope and market sizes
According to the Energy Institute Review of World Energy 2025, global oil consumption reached approximately 101.4 million barrels per day (bpd) in 2024, up 0.7% year-on-year as the post-pandemic recovery strengthened. The largest consumers remain the United States (19.0 million bpd), China (16.4 million bpd), and India (5.6 million bpd), which together account for 40% of total global demand.
OECD markets continue to dominate transport-fuel consumption, while emerging Asia drives incremental petrochemical and industrial demand. While policymakers have intensified efforts to slow oil and gas consumption over the last 10 years, completely pivoting away from hydrocarbons is likely to take decades. North America and Europe have pioneered decarbonisation efforts and have witnessed flat consumption growth. On the other hand, Asia and Africa have seen increased consumption driven by the development of the middle class and by industrial activity aimed at improving economic productivity.
Despite accounting for about 7% of global
