, last observed month
EIA STEO Table 3e
Global Oil Supply and Demand Chart
World consumption of petroleum and other liquid fuels, in million barrels per day, set against world supply. The gap between them is the implied global stock build or draw — the flow that every inventory curve on this site eventually measures.
DEMAND Jun 2026
102.05 million b/dSUPPLY Jun 2026
99.41 million b/d The gap between them is where inventories come from.-3.5% on the same month last year
million b/d, smoothing the seasonal swing
Demand above supply — stocks drawing
EIA projection
What the EIA expects next
Short-Term Energy Outlook, released Sep 9, 2026
Demand down 1.69 on the year. Supply 100.62, implying a draw of 1.97 million b/d.
Demand up 2.39 on the year. Supply 109.88, implying a build of 4.90 million b/d.
The most recent complete year of measured demand, for comparison.
These are EIA projections, not measurements, and they move a great deal between monthly editions. As one documented illustration: in its July 2026 edition the EIA revised its own 2026 Brent forecast down 14% and its 2026 world production forecast up 3.5% against the June edition published four weeks earlier. Revisions of that size within a single month are ordinary for this report. Treat the direction as a considered view worth knowing, and the precision as far softer than the decimal places imply. The chart below plots observed months only.
Observed months
World demand against supply, with the implied stock change
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View recent monthly values
| Month | Demand | Supply | Implied change | Demand vs year earlier |
|---|---|---|---|---|
| June 2026 | 102.05 | 99.41 | -2.63 | -3.71 |
| May 2026 | 99.17 | 94.41 | -4.76 | -4.34 |
| April 2026 | 99.62 | 95.46 | -4.16 | -3.98 |
| March 2026 | 102.14 | 96.90 | -5.24 | -0.17 |
| February 2026 | 104.48 | 108.71 | +4.23 | +0.94 |
| January 2026 | 102.48 | 105.96 | +3.47 | +0.48 |
| December 2025 | 106.20 | 107.97 | +1.77 | +2.34 |
| November 2025 | 104.25 | 108.62 | +4.37 | +0.61 |
| October 2025 | 104.44 | 108.55 | +4.11 | +0.43 |
| September 2025 | 105.85 | 108.81 | +2.96 | +2.15 |
| August 2025 | 104.49 | 107.63 | +3.15 | +0.67 |
| July 2025 | 105.42 | 107.09 | +1.68 | +1.14 |
| Month | Demand | Supply | Implied change |
|---|---|---|---|
| July 2026 | 101.82 | 101.73 | -0.09 |
| August 2026 | 103.70 | 99.63 | -4.07 |
| September 2026 | 104.21 | 99.41 | -4.80 |
| October 2026 | 102.99 | 100.56 | -2.43 |
| November 2026 | 103.74 | 102.27 | -1.47 |
| December 2026 | 104.86 | 103.64 | -1.23 |
| January 2027 | 102.38 | 104.97 | +2.59 |
| February 2027 | 104.66 | 106.47 | +1.81 |
| March 2027 | 103.48 | 108.00 | +4.52 |
| April 2027 | 104.36 | 109.59 | +5.23 |
| May 2027 | 104.52 | 110.25 | +5.73 |
| June 2027 | 106.12 | 110.29 | +4.17 |
About this series
Demand is a flow. Everything else here is a stock.
Cause, not alternative, to inventories
Every other page on StorageCurve measures a stock: how many barrels or how much gas is sitting in tanks and caverns on a given day. This page measures a flow — how much oil the world burns per day. The two are not alternatives, they are cause and effect. Inventories are the running total of the gap between what the world produces and what it consumes, which is why a global demand number belongs beside a US inventory chart rather than on a separate site.
The gap matters more than the level
The line worth watching is not demand alone but the distance between demand and supply. When production runs ahead of consumption the surplus has to go somewhere, and it goes into storage; when consumption runs ahead, the difference comes back out. That implied build or draw is shown here as bars, and the same bars appear on the US crude inventory chart so a national stock movement can be read against the global balance driving it.
Small balances, large error bars
Two cautions. First, world demand is seasonal in its own right — northern-hemisphere winter heating and summer driving both lift it — so a month-on-month move says much less than a year-on-year one. Second, the balance implied by subtracting two very large estimated numbers inherits the error in both. A gap of a few hundred thousand barrels a day between roughly 100 million b/d of demand and 100 million b/d of supply is well inside the revision range of either series, and should not be read as a precise measurement of anything.
- Source table
- EIA STEO Table 3e
- Series
- PATC_WORLD, PAPR_WORLD
- Measures
- Consumption of liquid fuels
- Unit
- Million barrels per day
- Cadence
- Monthly, revised each STEO
- Coverage
- World total, OECD and non-OECD
Compare across the balance
The other curves worth reading beside this one.
A single series rarely settles a question. Gas and crude respond to different drivers, and a national total can disagree with the hub that prices the contract.
US natural gas storage
Weekly EIA Lower 48 working gas, injection or draw, and Henry Hub price context.
Open US gasUS commercial crude inventories
Weekly EIA ending stocks excluding the Strategic Petroleum Reserve.
Open US crudeUS Cushing crude inventories
The WTI delivery-point inventory — a focused view of local crude tightness.
Open CushingEU natural gas storage
Weekly-sampled AGSI gas in storage, TWh, and capacity fullness.
Open EU gasEurope seasonal electricity buffer
A 6–12-month gas-storage path with hydro and firm-power coverage kept explicit, plus current market confirmation.
Open seasonal outlookInventory Rebuild Demand
Global STEO net depletion, a five-month forecast limit and conditional inventory refill rates.
Estimate refill demandGlobal oil demand
Monthly EIA STEO world liquid fuels consumption against supply, and the implied global build or draw.
You're viewing this curveEIA crude price forecast
The current STEO path for WTI and Brent, its monthly revisions, and how past forecasts scored against realised spot.
Open price forecastGlobal oil production
Monthly world petroleum and other liquids production compared with crude oil production alone.
Open global productionOPEC spare capacity
Monthly OPEC surplus crude capacity, Saudi concentration, and historical buffer regime.
Open OPEC capacityStrait of Hormuz
Reported Saudi crude exports against production, refining, direct burn and storage, with the reporting lag stated.
Open the Hormuz trackerDiesel tightness tracker
Crack-led weekly EIA score with distillate stocks, product pull, refinery transmission and a separate disruption proxy.
Open diesel tightnessSource ledger
Every number has a provider and a date.
United States inventories and prices
Source: U.S. Energy Information Administration (Sep 2026).
Open EIA sourceEuropean gas storage
Source: Gas Infrastructure Europe (GIE), AGSI.
Open AGSI sourceEuropean power and day-ahead prices
Source: Energy-Charts.info, Fraunhofer ISE (CC BY 4.0).
Open Energy-Charts sourceQuestions, answered from the method
Global oil demand FAQ
Where the numbers come from, what the implied balance does and does not measure, and how much weight the EIA projection deserves.
How much oil does the world use per day?
World consumption of petroleum and other liquid fuels runs at roughly 100–105 million barrels per day, varying by a few million barrels between the seasonal low and high within any given year. The exact figure for the most recent observed month is shown at the top of this page, along with the month it refers to.
Where does this data come from?
EIA Short-Term Energy Outlook Table 3e, World Petroleum and Other Liquid Fuels Consumption, retrieved through EIA API v2 (series PATC_WORLD). World supply comes from the matching production series, PAPR_WORLD. Both are monthly and are revised with each new STEO edition.
Is this crude oil only?
No. The series covers petroleum and other liquid fuels, which includes crude oil, natural gas plant liquids, biofuels, and refinery processing gain. That is why the total is higher than figures quoted for crude alone. EIA also notes that OECD consumption is measured as “product supplied” while non-OECD consumption is “apparent consumption”, so the two halves of the world total are not built the same way.
How much of this is forecast rather than measured?
STEO publishes history and roughly eighteen months of projection in the same series, and does not flag the boundary in its API. This page separates them: the chart plots observed months only, and the projection is presented as text above it, clearly labelled. The boundary is located by comparing STEO’s US consumption figures against EIA’s published monthly actuals — the first month the two stop agreeing is the first month STEO is estimating. EIA itself describes the split in its printed tables as an approximate break.
What is the implied stock change?
Supply minus demand for the same month. If the world produced more than it consumed, the surplus went into inventory somewhere, and the bar sits above zero; if it consumed more, stocks were drawn down and the bar sits below. It is an accounting residual, not a measured inventory figure.
How reliable is that implied balance?
Less than the decimal places suggest. It is the difference between two independently estimated numbers of around 100 million barrels per day each, so it inherits the error in both. A balance of a few hundred thousand barrels a day is well within the revision range of either series. Treat large, sustained gaps as meaningful and small ones as noise.
Why does a global draw not always show up in US inventories?
The US holds only a portion of world commercial inventory, and stocks can build in one region while drawing in another depending on trade flows, freight economics, and refinery runs. A global balance sets the backdrop; it does not determine any single country’s weekly number. That is why the implied build or draw appears as context bars on the US crude chart rather than as a predictor of it.
Why is there no five-year average or storage-pressure reading on this page?
Those describe how full a tank is relative to normal, and nothing on this page is a tank. Demand and supply are flows measured in barrels per day. Applying a storage benchmark to a consumption rate would produce a number with no physical meaning, so the seasonal machinery used elsewhere on StorageCurve is deliberately not applied here.
Should I trust the EIA demand forecast?
It is a considered, transparent, publicly documented projection, and it also moves substantially from month to month. In its July 2026 edition, for one documented example, EIA revised its 2026 Brent price forecast down 14% and its 2026 world production forecast up 3.5% against the edition published four weeks earlier. The direction of travel is worth knowing; the precision is softer than it looks. This page shows the projection because it is useful, and separates it from measured history because the two are not the same kind of number.
How often does this page change?
EIA publishes a new STEO once a month, typically in the first half of the month, and each edition revises both the forecast and recent history. The release date of the edition in use is shown beneath the chart.