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/d

SUPPLY Jun 2026

99.41 million b/d The gap between them is where inventories come from.

Latest observed month

World liquid fuels demand and supply

Data through June 2026
World oil demand 102.05 million b/d

, last observed month

Versus a year earlier -3.71

-3.5% on the same month last year

Twelve-month average 103.38

million b/d, smoothing the seasonal swing

Implied global balance -2.63

Demand above supply — stocks drawing

EIA projection

What the EIA expects next

Short-Term Energy Outlook, released Sep 9, 2026

2026 projected 102.59 million b/d

Demand down 1.69 on the year. Supply 100.62, implying a draw of 1.97 million b/d.

2027 projected 104.98 million b/d

Demand up 2.39 on the year. Supply 109.88, implying a build of 4.90 million b/d.

2025 observed 104.28 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

Chart loading. A recent data table is available directly below.

Tap a point to inspect it. Tap the chart again to close the data box.

Source: U.S. Energy Information Administration (Sep 2026). Published Sep 9, 2026. How this series is sourced
View recent monthly values
Recent observed months — world liquid fuels, million barrels per day
MonthDemandSupplyImplied changeDemand 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
EIA projection — months beyond the observed history above
MonthDemandSupplyImplied 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.

NG · US

US natural gas storage

Weekly EIA Lower 48 working gas, injection or draw, and Henry Hub price context.

Open US gas
CL · US

US commercial crude inventories

Weekly EIA ending stocks excluding the Strategic Petroleum Reserve.

Open US crude
WTI · CUSH

US Cushing crude inventories

The WTI delivery-point inventory — a focused view of local crude tightness.

Open Cushing
GAS · EU

EU natural gas storage

Weekly-sampled AGSI gas in storage, TWh, and capacity fullness.

Open EU gas
BUFFER · EUROPE

Europe seasonal electricity buffer

A 6–12-month gas-storage path with hydro and firm-power coverage kept explicit, plus current market confirmation.

Open seasonal outlook
REFILL · OIL

Inventory Rebuild Demand

Global STEO net depletion, a five-month forecast limit and conditional inventory refill rates.

Estimate refill demand
FORECAST · EIA

EIA crude price forecast

The current STEO path for WTI and Brent, its monthly revisions, and how past forecasts scored against realised spot.

Open price forecast
SUPPLY · WORLD

Global oil production

Monthly world petroleum and other liquids production compared with crude oil production alone.

Open global production
BUFFER · OPEC

OPEC spare capacity

Monthly OPEC surplus crude capacity, Saudi concentration, and historical buffer regime.

Open OPEC capacity
EXPORTS · GULF

Strait of Hormuz

Reported Saudi crude exports against production, refining, direct burn and storage, with the reporting lag stated.

Open the Hormuz tracker
ULSD · US

Diesel tightness tracker

Crack-led weekly EIA score with distillate stocks, product pull, refinery transmission and a separate disruption proxy.

Open diesel tightness

Source ledger

Every number has a provider and a date.

EIA / API v2

United States inventories and prices

Source: U.S. Energy Information Administration (Sep 2026).

Open EIA source
Fraunhofer ISE / Energy-Charts

European power and day-ahead prices

Source: Energy-Charts.info, Fraunhofer ISE (CC BY 4.0).

Open Energy-Charts source

Questions, 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.

See the full storage FAQ on the dashboard

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