Global oil products demand outlook 2022-2045

The majority of oil demand is expected to go toward light products, such as gasoline and ethane. In 2045, gasoline demand is forecast to climb to 28.8 million barrels per day. By comparison, daily diesel and gasoil demand is expected to reach 31.7 million barrels, the most of any oil product listed here.

The use of petroleum products in daily life

Crude oil serves as a feedstock for a great variety of industrial products. While transportation fuels such as gasoline and diesel are the most common examples used when referring to petroleum products, synthetic materials such as plastic packaging and many pharmaceutical drugs are also oil- and natural gas-based. In 2022, the global market value of petrochemicals stood at an estimated 584.5 billion U.S. dollars and was forecast to grow to over one trillion U.S. dollars by 2030. In a world where convenience often trumps the more environmentally friendly choice, petroleum products, particularly of the non-heavy variety, are expected to continue being in high demand.

Oil demand shaped by economic activity

As oil use is so widespread, changes in oil demand are usually an indication for developments in the wider economy, in particular changes to GDP growth as was the case in 2020. In the last two years, global liquid fuels consumption has been increasing alongside economic activity and is expected to increase further throughout 2024.