Petroleum products in the world

• Oil and gas production
• Oil exports from Russia
• Petroleum products in Russia
• Oil prices

Chronicle

2024: Rising demand for petroleum products

Global oil demand and refining volumes are projected to grow in March 2024.

2022

Growth in diesel fuel production by 5.6% to 1.37 billion tons

At the end of 2022, about 1.37 billion tons of diesel fuel were produced in the world, which is 5.6% more compared to 2021. Such data are given in a study published on December 13, 2023 by the analytical agency BusinesStat.

It follows from the report that the largest producer of diesel fuel is the United States, which in 2022 released 17.6% of these products to the global market. In second place is China with a 14 percent share.

By the end of 2022, diesel fuel production in China increased by 17.1%, which experts attribute to the recovery of the country's economy after the coronavirus COVID-19, the revival of freight traffic, domestic transport, and an increase in demand for diesel fuel to ensure the operation of heavy equipment. China produces fuel to a greater extent for domestic consumption: about 12% of the products produced in the country are exported.

Among the major fuel producing countries in 2022 were also India (8.3% of global output), Russia (6.2%), Saudi Arabia (4.4%).

As noted in BusinesStat, in 2018-2022. the leading positions in the export of diesel fuel in the world were occupied by the United States and Russia. In 2022, the US share in world exports amounted to 14.5%. As a result of the imposition of sanctions that directly affected the Russian oil refining industry, the share of fuel exports from Russia in global supplies decreased from 12.2% in 2021 to 10.4% in 2022.

In 2022, the production of diesel fuel in the world decreased by 6.2% due to the COVID-19 pandemic, when refineries reduced capacity utilization amid weakening fuel demand. In 2021-2022. the production of "diesel" was restored as a result of an increase in fuel consumption for industry, commercial transport, freight and passenger traffic, add to BusinesStat.^[1]

Gasoline sales growth of 2.2% to 1.34 billion tons

In 2022, gasoline sales reached 1.34 billion tons, up 2.2% from a year earlier, and slightly exceeding 2018 market size (1.33 billion tons). Such data in the analytical agency BusinesStat was released in early October 2023.

According to the study, the peak of global gasoline consumption occurred in 2019 - then it was about a volume of 1.35 billion tons. In 2020, sales volumes decreased by 10.1% and amounted to 1.21 billion tons.

The largest consumer country of gasoline is the United States, but in 2018-2022. fuel sales there decreased from 341 to 303 million tons. As a result, the US share in the structure of global sales decreased from 25.6% in 2018 to 22.6% in 2022.

As analysts emphasize, gasoline is mainly sold in the United States. Large investments in battery production and charging infrastructure, stringent emission standards are contributing to the country's active electrification of driving and stagnating demand for fuel.

The second place in the structure of global gasoline sales belongs to China. In 2018-2022 the volume of fuel sales in the country increased from 191 to 205 million tons. China's share of global sales rose from 14.3% to 15.3%. In China, unlike the United States, more than a third of the market belongs to gasoline for the chemical industry. In China, production and sales of cars are also declining and the development of the new energy car (NEV) market is being stimulated. However, the demand for gasoline for petrochemicals is growing steadily in the country, so in general, gasoline sales are steadily increasing, the report says.

Global gasoline imports for 2018-2022 increased by 19.2%: from 444.1 to 529.4 million tons. The decrease in the indicator was observed only in 2020 (-5.4%), which was associated with the complication of foreign trade logistics due to the COVID-19 coronavirus pandemic.^[2]

Notes