Oil demand share in the OECD 2023 by sector

Road transportation is the greatest oil demanding sector in OECD (Organisation for Economic Co-operation and Development) member states. In 2023, 49.02 percent of all oil consumed in the OECD was related to motor vehicle usage. By comparison, the petrochemical sector which manufactures plastics, resins, and other petroleum-based products, only made up about an eighth of total demand. 

U.S. and China by far largest consumers

The United States and China are the greatest oil consumers worldwide by a wide margin. In 2023, daily oil consumption in these countries amounted to 19 million barrels and 16.6 million barrels, respectively. Daily global crude oil demand, including biofuels, reached 102.21 million barrels in 2023, up from 99.57 million barrels in 2022. 

The future road sector

Oil is used in numerous manufacturing processes and still accounts for a large chunk of primary energy supply worldwide. It is largely used to produce transportation fuels such as gasoline, diesel, and kerosene. As such, demand is also shaped by a growth or decline in internal-combustion engine vehicle usage and overall economic performance. During the 2020 pandemic, oil demand within the road sector decreased as lockdowns were enforced across the world. With many countries pushing for a wider adoption of electric vehicles, oil demand in the road sector is likely to be further affected going forward.