The United States Energy Information Administration (EIA) estimates that the world consumed 92.2 million barrels per day (b/d) of oil and other liquid fuels in 2020, a 9% decrease from the previous year and the largest decrease in EIA series dating back to 1980.
In its short-term perspective, the EIA forecasts changes in US oil consumption in response to variables including economic growth, rising employment, the fuel efficiency of the vehicle fleet, and oil prices.
For the rest of the world, the EIA uses a combination of data and models available in real time based on the relationship between Gross Domestic Product (GDP) and oil consumption.
Due to the unique effects of the pandemic in 2020, the EIA relied on a broader set of other indicators to assess energy demand outside the United States, including third-party indices that tracked mobility, flights, and government orders to stay at home and rigor across countries.
An earlier Today in Energy article described how the EIA uses data series from its Weekly Oil Status Report and its Monthly Oil Supply (with a two-month data lag) to inform short-term forecasts for oil companies. US oil markets
The United States is the world’s largest consumer of petroleum-derived liquids, accounting for 20% of the world’s total in 2019.
Other countries of the Organization for Economic Cooperation and Development (OECD) provide monthly consumption data after a lag of two to three months.
Together, the 37 member countries of the OECD consumed 47% of petroleum-derived liquids in 2019.
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