Oil products domestic consumption

Global refined oil product consumption increased again in 2023 (+2.4%), spurred by the end of COVID-restrictions in China, the recovery of global aviation, and higher traffic in the US.

In 2023, global oil product consumption grew by 2.4%, slower than in 2022 but twice as faster than over the 2010-2019 period. Most of the increase in global oil product consumption is attributed to the end of COVID-related restrictions in China, where consumption grew by 8.4% (nearly twice its 2010-2019 trend), and to the recovery of the global aviation sector.
Oil product consumption increased at a slower rate than in 2022 in the US (+1.2% over higher road traffic), in India (+5.1%), in Saudi Arabia (+3.7%) and in Canada (+0.5%), but it rebounded in Russia (+2.7%), in Brazil (+4.7%), and accelerated in Iran (+1.2%).
The slow economic growth contributed to reduce oil product consumption in the EU (-2.9%, including -5.9% in Germany), in Japan and South Korea (-4% each). It remained stable in Mexico (-0.4%), dipped in Africa (-1.1%, including -2.3% in Egypt) but rebounded in Australia (+6.5% over due to higher traffic).