Slowdown in global demand growth for oil products (+0.3%), due to a lower demand in the USA. The impact of clean energy transitions on oil supply remains unclear, with many companies prioritising short-cycle projects for the coming years. These alternatives are outlined in the March edition of the IEA’s monthly Oil Market Report, which is released in tandem with this medium-term report. The US leads the way as the largest source of new supply. As for OPEC, even though sanctions and economic distress have wiped out 2.5 mb/d of production from Iran and Venezuela since 2017, effective crude oil capacity rises by 1.2 mb/d to 34.1 mb/d. OurWorldInData.org/fossil-fuels • CC BY. Chart. Table 4.9. The energy consumption growth in the G20 slowed down to 2% in 2011, after the strong increase of 2010. In 2020, it was responsible for the consumption of roughly 12 million barrels of petroleum per day. In 2020, global oil demand is expected to contract for the first time since the global recession of 2009. As US growth plateaus, Middle East producers step up to supply the required incremental barrels. Other non-OPEC producers, Brazil, Guyana, Canada, increase exports too. Strong growth in Asian oil demand is creating major opportunities for oil producing countries that can boost exports. This is followed by China, which consumes 11.75 million barrels of oil per day, accounting for about 12% of total consumption, and India, which consumes about 4.49 million barrels per day, accounting for about 4.6% of consumption. Oil consumption in the transport sector will be caused nearly at equal parts from light and heavy duty vehicles, and the part of air traffic is equalling the marine consumption. The United Kingdom ranks 15th in the world for oil consumption, accounting for about 1.6% of the world's total consumption of 97,103,871 barrels per day. Hawaii Distillate Fuel Oil Consumption by Sector in Physical Unit 22 . Brazil, Guyana, Iraq and the UAE also deliver impressive gains. The arrival of the coronavirus is rattling a global oil market that was already facing challenges. Distribution of oil demand in the OECD in 2019, by sector [Graph]. Demand growth for gasoline and diesel between 2019 and 2025 is set to weaken as countries around the world implement policies to improve efficiency and cut carbon dioxide (CO2) emissions, and as electric vehicles increase in popularity. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. Petrochemicals become an ever more important driver, with naphtha, liquefied petroleum gas (LPG) and ethane responsible for half of all growth. The situation remains very fluid, however, making it extremely difficult to assess the full impact of the virus. To date, announcements by major oil companies on reducing their CO2 emissions have tended to focus on long‑term objectives. In the second quarter, an improving situation in China offsets deteriorating demand elsewhere. and over 1 Mio. New, Insights into the world’s most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development, Find studies from all around the internet. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. Even before the coronavirus, markets had been over-supplied, leading OPEC+ producers to cut output. Global oil demand rebounds in 2021 and Asia accounts for 77% of oil demand growth through 2025. "Distribution of oil demand in the OECD in 2019, by sector." There was a fall in consumption from transport, 0.1 per cent, down but with This also includes flaring – the intentional burning of gas at oil facilities. Global attention is increasingly focused on the need to accelerate clean energy transitions in order to mitigate the risks of climate change. Apart from being the primary fuel for transportation throughout history, oil remains relatively affordable—making it an easy choice for producers and consumers alike. Then you can access your favorite statistics via the star in the header. Are you interested in testing our corporate solutions? The economic crisis is largely responsible for this slow growth. Try our corporate solution for free! Please authenticate by going to "My account" → "Administration". Refining capacity additions in recent years have outstripped demand growth, bringing tough competition for an industry already challenged by tightening product specifications, most notably the new International Maritime Organisation (IMO) bunker rules introduced at the beginning of 2020. Final energy consumption (Europe 2020-2030) = final energy consumption (all products total) - final energy consumption (ambient heat (heat pumps)) + international aviation (all products total) + transformation input blast furnaces (all products total) - transformation output blast furnaces (all products total) + energy sector blast furnaces (solid fossil fuels) + energy sector blast furnaces (manufactured gases) + energy sector … Oil product consumption decreased by 0.5% in the USA, the largest consumer worldwide, due to a lower demand from industry and the petrochemical sector … Following a difficult start in 2020 (-90 kb/d) due to the coronavirus, growth rebounds to 2.1 mb/d in 2021 and decelerates to 800 kb/d by 2025 as transport fuels demand growth stagnates. With its major emissions footprint, the energy sector – including the oil and gas industry – is at the heart of the matter. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. In 2020 total worldwide oil consumption is expected to drop by 9% year over year compared to 2019 due to the COVID-19 pandemic according to the International Energy Agency (IEA). This is a sharp reduction on the 1.5 mb/d annual pace seen in the past 10-year period. Petroleum products are also used for non-energy purposes, which is the second highest sector with 14.1 % of consumption after transport. Efforts to improve the sustainability of the plastics industry will run up against the steady increase in demand from consumers in developing countries. Corporate solution including all features. The ‎remainder was used within residential and commercial buildings (29%) and transport (21%). Due to its fast ramp-up and rapid decline, US light tight oil (LTO) production is more responsive to a change in the oil price than conventional sources of supply. With uncertainties over demand, supply, investment strategies and business models, the global oil industry faces major challenges. This is an extract, full report available as PDF download. Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative, Global Commission for Urgent Action on Energy Efficiency, Promoting digital demand-driven electricity networks. 0 No data 0 TWh 200 TWh 400 TWh 600 TWh 800 TWh 1,000 TWh 2,500 TWh 5,000 TWh 7,500 TWh 10,000 TWh 15,000 TWh. So while the world may be using 100 million barrels per day right now, oil consumption, according to the EIA, is expected to grow by an average of 1.1 million barrels per day in 2019. The pace of expansion in the United States is slowing as independent producers cut spending and scale back drilling activity in response to pressure from investors. • Total energy consumption in the UK de creased by 1.4 million ton nes of oil equivalent ( mtoe) (or 1.0 per cent) between 2018 and 2019 to 142.0 mtoe. The largest consumer of oil products in Poland in 2018 was the country's transport sector, with its final consumption volume measuring at approximately 20.6 million metric tons of oil equivalent. Global oil supply looks comfortable through the forecast period. Non-OPEC supply will rise by 4.5 mb/d while OPEC builds another 1.4 mb/d of crude and natural gas liquids capacity. Total non-OPEC oil supply rises by 4.5 mb/d to reach 69.5 mb/d by 2025. OPEC. Britain’s Office for Budget Responsibility, the government’s independent fiscal monitor, has estimated the country’s output could fall by 35% in the second quarter of 2020. Distillate fuel oil is the second most-consumed petroleum product in the United States. The deceleration in US and other non-OPEC growth from 2022 will allow OPEC producers from the Middle East to turn up the taps to help keep the oil market in balance, thereby increasing their importance for oil consuming countries. Containment measures imposed in North America, Europe and elsewhere are expected to have a smaller impact on oil demand than those in China. The statistic presents the crude oil consumption in China in 2012, by sector. Presently, the transport sector is using about 13 % of the energy in the world. Improved efficiency standards and increased penetration of electric vehicles sees demand growth stall. Refiners, nevertheless, continue to build much more capacity than what is needed to meet product demand. Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. Please create an employee account to be able to mark statistics as favorites. Although energy consumption by light-duty vehicles increases by a more Ultimately, the outlook for the oil market will depend on how quickly governments move to contain the coronavirus outbreak, how successful their efforts are, and what lingering impact the global health crisis has on economic activity. Distillate fuel oil includes diesel fuel and heating oil. Gasoline demand sees a sharp slowdown over our forecast period with growth reduced from the 2.5 mb/d seen in the previous six year period to just 500 kb/d over the 2019-25 period. Asian countries will need to work individually and collectively to enhance oil supply security. From 2022, the US loses steam allowing OPEC producers from the Middle East to turn up the taps to help keep the oil market in balance. U.S. Oil Consumption By Sector (2018) Created with Highcharts 4.1.8 Mil BBL / Day 14.2 5.1 0.6 0.5 0.1 Transport Industrial Residential Commercial Electric Power Electric Power Daily oil consumption by region from 1980 to 2006. Energy consumption by final usersat 151.3 million tonnes of oil equivalent increased by 1.1 per cent in 201. Non-energy consumption includes, for … Hawaii Distillate Fuel Oil Consumption by Sector in Heat Content 20 . Visit our ; MARPOL and adds up to 1 MMb/d of demand Sluggish end user demand grows at 0.8%p.a. The global market for liquid fuels (oil, biofuels and other liquids) transitions as oil demand peaks ‎and supplies shift.‎ The demand for liquid fuels in Rapid and Net Zero never fully recovers from the fall caused by ‎Covid-19, implying that oil demand peaked in 2019 in both scenarios.. Bans imposed on single-use plastics and recycling, even if fully implemented, will displace only a very modest amount of oil demand. 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