As of 2021, the world has consumed approximately 1.4 trillion barrels of oil since the modern oil industry began in the mid-19th century. Global oil consumption has been steadily increasing over the past few decades and reached an estimated 100 million barrels of oil per day (BPD) in 2021.

By Region

- North America: The United States is the largest oil consumer in the world, accounting for about 20% of global oil consumption. Canada and Mexico are also significant oil consumers in North America.

- Europe: The European Union (EU) is the second-largest oil consumer in the world, accounting for about 18% of global oil consumption. Russia is also a major oil consumer in Europe and is the second-largest oil producer in the world.

- Asia: Asia is the fastest-growing region in terms of oil consumption and accounts for about 33% of global oil consumption. China is the largest oil consumer in Asia, followed by India, Japan, and South Korea.

Sources of Oil

- Crude Oil: Most of the oil used around the world is crude oil, which is found in underground reservoirs below the surface of the Earth. Crude oil is a mixture of various hydrocarbons and must be refined before it can be used as transportation fuel or other products.

- Natural Gas Liquids (NGLs): NGLs are a mix of light hydrocarbons extracted from natural gas and include substances like ethane, propane, and butane. NGLs can be used directly as fuel or refined further to produce gasoline and other products.

- Biofuels: Biofuels are renewable fuels produced from plant materials and crops. Some examples of biofuels include ethanol, biodiesel, and renewable diesel.

Transportation

Transportation is the largest sector for oil consumption. The majority of this oil is used for powering cars, trucks, buses, ships, and airplanes.

Residential and Commercial Uses

Oil is also used for heating homes and buildings, generating electricity, and producing plastics, asphalt, and other products.