Oil production capacity growth vs Oil demand
In 2024, oil production capacity growth worldwide stood at 5 million barrels per day (forecast), against 103.1 million barrels per day for oil demand.
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The series
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Global, spaced by time. Both series are in million barrels per day, so they share one axis; the legend names each line.
Oil production capacity growth and Oil demand
Unit: million barrels per day · 8 observations
Forecast: dashed line, hollow markers, shaded band
View the underlying data
| Indicator | Period | Type | Value |
|---|---|---|---|
| Oil production capacity growth | 2024–2030 | Forecast | 5 million barrels per day |
| Oil production capacity growth | 2018–2023 | Forecast | 6.4 million barrels per day |
| Oil demand | 2030 | Forecast | 105.5 million barrels per day |
| Oil demand | 2027 | Forecast | 105 million barrels per day |
| Oil demand | 2026 | Forecast | 102.6 million barrels per day |
| Oil demand | 2025 | Actual | 104.3 million barrels per day |
| Oil demand | 2024 | Actual | 103.1 million barrels per day |
| Oil demand | 2023 | Forecast | 104.7 million barrels per day |
Shared periods
Side by side
Only one period is published for both series. Comparing anything else would mean comparing different years.
| Period | Oil production capacity growth | Oil demand |
|---|---|---|
| 2024 | 5 million barrels per day | 103.1 million barrels per day |
Provenance
Where these numbers come from
Oil production capacity growth
Projected total addition to crude and liquids production capacity over a multi-year period.
2 observations in Global · source organisations: IEA
Oil demand
Total volume of oil and other liquid fuels consumed or demanded within a given year.
6 observations in Global · source organisations: IEA, EIA
Data published under CC BY 4.0. Series A as JSON · Series B as JSON
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