Products produced from one barrel of crude oil breakdown

One barrel of crude oil produces up to 42.5 gallons of oil products. Gasoline is the most produced oil product, accounting for 19.5 gallons, followed by diesel and heating oil. The volume of one barrel of crude oil is 42 gallons.

Lubricants demand

Lubricants account for a lesser volume of products produced from one barrel of crude oil. Nonetheless, they are of growing importance as the world increasingly relies on machinery on a daily basis. The automotive and industrial sectors especially have a high demand for such products in order to operate smoothly. Lubricants demand worldwide is forecast to continuously increase over the next few years and estimated to climb to over 38 million metric tons by 2028. As of 2020, the United States and China had the largest lubricants market volume.

Global crude oil status quo

The U.S. and China are also by far the countries with the highest oil consumption overall. Since 2006, daily global crude oil demand has increased in almost every year. The only exception was 2020, when travel restrictions and lockdowns due to the coronavirus pandemic brought about a decline in fuel demand. Although many governments are seeking to reduce fossil fuel reliance, oil demand is expected to grow further in the next years.