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Global Oil Demand to Soar by Nearly 1 Million Barrels Daily

2/21/2025

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Summary

Story summary

Global oil consumption is set to surge by 948,000 barrels per day in 2025, hitting a staggering 103.5 million b/d. This follows a steady increase of 735,000 b/d in 2024. Economic changes and trade tariffs are expected to drive demand in Asia, the Middle East, and Africa, reshaping supply chains and fueling this growth.

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Story summary

Global oil consumption is set to surge by 948,000 barrels per day in 2025, hitting a staggering 103.5 million b/d. This follows a steady increase of 735,000 b/d in 2024. Economic changes and trade tariffs are expected to drive demand in Asia, the Middle East, and Africa, reshaping supply chains and fueling this growth.