After a steep fall in 2020 (-9.2%), global oil products demand rebounded by 5% in 2021 given the easing of lockdowns worldwide and resulting increase in mobility.

Demand for oil products was driven by Africa (+7.8%), with +9.5% in Egypt, +8.6% in South Africa and +8.1% in Nigeria, North America (+7.1%, including +7.8% in the United States), CIS (+5.8%) and the Middle East (+5.3%). The rise in oil products consumption was less rapid in Latin America (+4.5%), in Europe (+4%, including -2.9% in Germany), and in Asia (+3.2%), despite +5.5% in India. Indeed, China’s oil products consumption rose only by 2.2% in 2021, as the country pursued a zero-COVID-19 policy that has led to a decline in the demand for transportation. The United States was the world’s largest oil products consumer in 2021, accounting for 17% of global consumption, followed by China (16%) and India (5%).