Global Petroleum and Liquids Consumption Reaches Record High

Global petroleum and liquids consumption reached a record high in 2023 and is forecast to continue increasing in the coming years. The U.S. Energy Information Administration predicts an average consumption of 102.5 million barrels per day in 2024 and 103.7 million barrels per day in 2025. OPEC+ officials argue for higher prices to encourage investment and security of supply, but the forecast suggests that consumption growth can be accommodated without significant pressure on prices.