Oil products domestic consumption

In 2024, global oil product consumption remained stable, after a 2.4% growth in 2023 and an average +1%/year over the 2010-2019 period.

Oil product consumption dipped in the USA (-1.5%, over reduced commuting, energy efficiency improvements, and the competition of EVs in the transport sector) and remained stable in China, after an 11% growth in 2023 (end of COVID-related restrictions).
Among non-OECD countries (60% of oil product consumption in 2024), oil product consumption increased noticeably in Asian countries: it grew in India and Indonesia (around +2% each), in Malaysia and the Philippines (by nearly 7%), and surged in Vietnam (+27%). It also rose in Saudi Arabia and Iran (+2% each) but remained stable in Africa (with a 5% growth in Egypt offset by a 7% drop in South Africa) and in Brazil. Oil product consumption even declined in Russia (-5%) and Argentina (-5%).
In OECD countries, oil product consumption increased in the EU (+1%), Türkiye (+3%), South Korea (+3%), Mexico (+1%) and Australia (+2%), whereas it declined in Japan (-5%) and Canada (-2%).