chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.energyinst.org/__data/assets/pdf_file/0007/1658077/Statistical-Review-of-World-Energy.pdf
• The US was the world’s largest oil producer, accounting for a fifth of global production in 2024. Its production is now broadly equal to the combined output of Saudi Arabia and the Russian Federation. ectively. This was largely driven by China with an increase in LNG-fuelled trucks reducing demand for diesel. Globally, demand increased for jet/kerosene (0.4 Mbbl/d), ethane and LPG (0.4 Mbbl/d), and gasoline (0.3 Mbbl/d).
• Oil prices continued to fall from their 2023 levels following Russia’s invasion of Ukraine. Though, on average, they fell by -3%, they remain 27% above their 2019 pre-COVID levels.
• Oil remains the largest source of energy meeting 34% of total global demand in 2024. Although slowing, global demand increased by 0.7% to breach the 101 Mbbl/d level for the first time ever.
• Having initially rebounded following COVID, all regions exhibited either a slowing down or a plateauing in oil demand in 2024. OECD demand remained flat at 45 Mbbl/d whilst non-OECD demand grew by 0.7 Mbbl/d. Africa and the Middle East were the fastest-growing regions at 2.5% and 1.6% respectively.
• China displayed signs of oil demand peaking in 2023 registering a 1.2% drop in demand in 2024.
• Global demand for fuel oil and diesel/gasoil fell -2% and -0.5% respectively. This was largely driven by China with an increase in LNG-fuelled trucks reducing demand for diesel. Globally, demand increased for jet/kerosene (0.4 Mbbl/d), ethane and LPG (0.4 Mbbl/d), and gasoline (0.3 Mbbl/d).
• Oil prices continued to fall from their 2023 levels following Russia’s invasion of Ukraine. Though, on average, they fell by -3%, they remain 27% above their 2019 pre-COVID levels.