February 10, 2021. It outlines the changes people can expect to see over the next 10 years in the global demand for energy and which fuels will meet those demands. Global oil demand will grow by 5.7 mb/d over the 2019-25 period at an average annual rate of 950 kb/d. We forecast that global consumption of petroleum and liquid fuels will average 97.7 million b/d for all of 2021, which is up by 5.5 million b/d from 2020. This is a list of countries by oil consumption. Global liquid fuels consumption increases more than 20% between 2018 and 2050, and total consumption reaches more than 240 quadrillion Btu in 2050. Learn more about how Statista can support your business. Supported by a quick vaccine rollout and a massive economic stimulus package, the IEA said it revised up its US oil demand forecast for the second half of the year by around 365,000 b/d. Oil Information 2020 USB key. World Oil Outlook OPEC’s World Oil Outlook (WOO) is part of the Organization’s commitment to market stability. In either case, however, emissions are below a pre-pandemic level of 37.5 billion metric tons. OPEC. The bad news is that the decline is due almost entirely to reduced economic activity. [1] [2] In 2020 total worldwide oil consumption is expected to drop by 9% [3] year over year compared to 2019 due to the COVID-19 pandemic according to the International Energy Agency (IEA). Please authenticate by going to "My account" → "Administration". ", OPEC, Demand outlook for selected oil products worldwide from 2019 to 2045 (in million barrels per day) Statista, https://www.statista.com/statistics/282774/global-product-demand-outlook-worldwide/ (last visited May 12, 2021), Demand outlook for selected oil products worldwide from 2019 to 2045, Global oil production in million metric tons 1998-2019, Rate of return on crude oil investments worldwide 2010-2020, Proved oil reserves share by country 2019, Global oil reserves share by leading country 2019, Global oil production share by region 2010-2019, Oil production in barrels per day - top fifteen countries 2019, OPEC - share of total global crude oil production 2009-2019, Transport volume of crude oil in seaborne trade 2010-2019, Oil exporters worldwide by region in 2019, Global crude oil export value by country 2019, Leading crude oil importers worldwide 2019, West Texas Intermediate annual average oil price 1976-2021, 2020 global list of the top oil and gas companies based on revenue, Leading oil and gas producers based on market cap April 2021, Value of revenue of Saudi Aramco 2017-2019, Global consumption in million metric tons 1970-2019, Global oil consumption share by region 2019, Largest oil consumption worldwide by country 2019, Leading oil demanding sectors in the OECD 2019, Monthly global liquid fuels consumption 2019-2021, Monthly global liquid fuels consumption by region 2019-2021, Global oil products demand outlook 2019-2045, Global oil demand share outlook by product 2020-2045, Domestic oil product demand Japan 2018, by industry, Oil products - growth rates outlook worldwide 2013-2040, Value of oil product consumption subsidies in selected countries 2013, Monthly closing inventory of crude oil & equivalent products in Canada 2015-2016, Demand for refined petroleum products - transportation sector, Sales distribution of Neste 2020, by product, Domestic oil consumption rate in Russian regions 2013, Sales distribution of Neste 2020, by region, Quarterly demand for liquid fuels worldwide due to coronavirus by sector 2020, Final oil consumption in Southern Africa 2014-2019, Production volume of sulfur in the Emirate of Abu Dhabi 2010-2019, FF vegetable and seed oil retail sales in Japan 2012-2021, Final oil consumption in West Africa 2014-2019, Demand outlook for selected oil products worldwide from 2019 to 2045 (in million barrels per day), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. Dr. Fatih Birol, IEA’s managing director, commented: “I see solar becoming the new king of the world’s electricity markets. Accessed May 12, 2021. https://www.statista.com/statistics/282774/global-product-demand-outlook-worldwide/, OPEC. In Asia, fuel demand … Under the delayed response scenario, global GDP does not recover to pre-pandemic levels until 2023 and global energy demand does not recover to pre-crisis levels until 2025. The World Crude Oil Production measures the number of barrels of crude oil that are produced per day in the world. The International Energy Agency works with countries around the world to shape energy policies for a secure and sustainable future. Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary travel. The International Energy Agency (IEA) issued its 2020 World Energy Outlook (WEO) Tuesday. Corporate solution including all features. Under the first (stated policies) scenario, carbon emissions grow to more than 36 billion metric tons by 2030. Demand outlook for selected oil products worldwide from 2019 to 2045 (in million barrels per day) [Graph]. The world risks "running out of copper" amid widening supply and demand deficits, according to Bank of America, and prices could hit $20,000 per metric ton by 2025. According to Bloomberg’s traffic and road usage data, global oil demand recovery is on a three-speed road—Asian demand is the strongest, followed by Europe and the Americas. Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook Since its inception in 1983, the IEA's Oil Market Report (OMR) has become recognised as one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for OECD and selected non-OECD countries. Here’s how the IEA sees oil demand growth out through 2040: While global carbon emissions “do not deliver a decisive break” in a gradual trend higher, the second (delayed recovery) scenario flattens out at around 33 billion metric tons, a level the IEA expects to see in 2024. The Organization of the Petroleum Exporting Countries on Thursday raised its forecast for global oil-demand growth in 2021. Subscription. "Demand Outlook for Selected Oil Products Worldwide from 2019 to 2045 (in Million Barrels per Day). Register in seconds and access exclusive features. Data are available for some 20 oil products and are provided in thousand metric tons, including conversion factors. Quick Analysis with our professional Research Service: Show sources information Scientists in Finland researching aggression in dogs studied 23... ALSO READ: 6 Unpopular Stocks That Scored Major Analyst Upgrades Ahead of Earnings. In its last monthly report, the Organization of Petroleum Exporting Countries (OPEC) left unchanged its forecast for world oil demand growth for 2021 at 5.95 million barrels per day (bpd), Reuters reported. Chart. In, OPEC. This is a change of 0.95% from one year ago. Annual time series of oil data including oil supply and consumption, trade and oil demand for 148 countries and 24 regions. In the delayed response scenario, demand growth remains below pre-crisis levels for all fuels. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Production has steadily increased over time, except in the 80s when production was lessened worldwide. W ASHINGTON, May 11 (Reuters) - The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 80,000 barrels per day to … In 2045, gasoline demand is forecast to climb to 27.4 million barrels per day. This is a sharp reduction on the 1.5 mb/d annual pace seen in the past 10-year period. The IEA estimates that by 2030, demand for oil will rise to around 104 million barrels a day, about 2 million barrels less than expected growth had the pandemic not occurred. The IEA reinforced its view that global oil demand will plateau around 2030, topping out at lower levels than forecast last year. Based on our Global Energy Perspective reference-case demand insights, current OPEC+ intervention will be sufficient to help balance the market in 2021, with prices remaining at a sustained level of $50 to $55/bbl through to 2025. Global oil demand is expected to grow by 5.6 million barrels per day (bpd) in 2021 compared to the 2020 low of 92.2 million bpd, the U.S. Energy Information Administration (EIA) said in … World oil demand is now expected to expand by 5.7 million b/d in 2021 to 96.7 million b/d, following a collapse of 8.7 million b/d last year, the IEA said. and over 1 Mio. Then you can access your favorite statistics via the star in the header. • Oil consumption is likely to peak between 2030 and 2035, with a long plateau period thereafter • In a world in which controlling emissions is given a primary focus, this peak could come earlier, as soon as 2025 • Depending on the scenario, oil demand could range between 70 million barrels per day (mb/d) to close to 130 mb/d by 2050 (billed annually). In 2007 the National Petroleum Council, an advisory committee to the U.S. Secretary of Energy, projected that world demand for oil would rise from 86 million barrels per day to as much as 138 million barrels per day in 2030. facts. “Oil demand plateaus post-2030,” said Fatih Birol, executive director of the Paris-based agency, which advises most major economies. Trade data are reported extensively by origin and destination. For the remainder of the decade, demand for oil never reaches 100 million barrels a day. We forecast that consumption will increase by 3.7 million b/d in 2022 to average 101.3 million b/d. 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. (February 10, 2021). OPEC cut the forecast for world oil demand … The world consumes 35,442,913,090 barrels of oil as of the year 2016, equivalent to … “Demand growth is … Directly accessible data for 170 industries from 50 countries The following chart from the WEO shows the energy demand outlook by fuel type in 2030. This metric has been indicative to crude oil … This database also contains some major series for world-wide historical demand and supply. The International Energy Agency's 2020 World Energy Outlook highlights the impact of the COVID-19 pandemic on energy markets and the estimated demand for oil going forward. World Oil Consumption is at a current level of 98.27M, up from 97.35M one year ago. Demand for energy over the next decade depends on how quickly the COVID-19 pandemic is controlled and how quickly energy policy accelerates a transition away from fossil fuels. Please create an employee account to be able to mark statistics as favorites. OPEC reiterated its 2021 forecasts for world oil demand on Tuesday, as it nudged its predictions for global economic growth higher. The WEO offers two scenarios: a stated policies scenario that assumes current energy policies, along with control of the coronavirus pandemic in 2021, and a delayed recovery scenario, in which the same energy policies lead to different outcomes as the effects of the pandemic cause “deeper and longer lasting economic and social impacts.”. Demand in OECD countries remains relatively stable during the projection period, but non-OECD demand increases by about 45%. Interestingly enough, 2010 was also the time that Crude Oil prices plummeted because of supply and demand concerns. Demand for nuclear energy is expected to remain flat in the stated policies scenario. According to the latest estimate by the US Energy Information Administration (EIA), oil supply exceeded demand by around 6 million barrels per day in the first quarter of 2020 and the gap is expected to extend to 11.4 million barrels per day in the second quarter. Show publisher information, Weekly crude oil prices for Brent, OPEC basket, and WTI 2019-2021. Global demand for crude oil (including biofuels) in 2020 fell to 91 million barrels per day and is projected to increase to 96.5 million barrels per day in 2021. The blue bars indicate the percentage gain or loss of demand under the stated policies scenario and the orange bars indicate gains and losses under the delayed response scenario. Global oil demand is expected to continue to decline in 2020 as a result of the COVID-19 … Based on today’s policy settings, it is on track to set new records for deployment every year after 2022.”. $39 per month* 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. Then you will be able to mark statistics as favourites and use personal statistics alerts. "Demand outlook for selected oil products worldwide from 2019 to 2045 (in million barrels per day)." Coronavirus Data and Insights The majority of oil demand is expected to be aimed towards light products, such as gasoline and ethane. In the first scenario (stated policies), global gross domestic product returns to pre-COVID-19 levels by next year and global energy demand returns to pre-crisis levels early in 2023. Yet experts remain divided on whether the world will be able to supply so much oil. Oil Demand Plateau. Statista. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. You only have access to basic statistics. Compared to last year's report, oil demand is some 2 million b/d lower in 2030, when it stabilizes at just over 103 million b/d, and in 2040. This feature is limited to our corporate solutions. We revised growth in global liquid fuels consumption in 2021 higher from last STEO. Oil demand is expected to return to 2019 levels by late 2021 to early 2022, depending on the duration of lockdowns and the pace of GDP recovery. Global crude demand totaled between 98 and 100 million barrels a day in 2019 and is expected to decline by 8% this year. Oil prices were also supported by the latest outlook from the Organization of the Petroleum Exporting Countries (OPEC), which stuck to a forecast for a strong recovery in world oil demand in 2021 with growth in China and the United States outweighing the … Daily oil consumption by region from 1980 to 2006. The IEA's five-year projections estimates global demand will rise each year to reach 104 million barrels a day (mb/d) by 2026, a gain of four percent from the level in … Principal contributor: Ari Kahan Profit from additional features by authenticating your Admin account. In its monthly report, OPEC said it sees demand … Here's a look at the ARK Invest trades for May 6, 2021. Demand After recovering from the "exceptional ferocity" for the COVID-19 crisis, world oil demand will rise from 97.9 million b/d in 2019 to 104.1 million b/d in 2040. 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