The oil market is deceptively calm. Below the apparent tranquility lies an underappreciated transformation that has slowly reshaped the market over the last 25 years – because the arrival of China and ...

First, consumption of winter fuels including heating oil and kerosene is on a structural decline in the industrialized world, replaced by natural gas and electricity.

The 2025 Statistical Review highlights the US's continued leadership in oil production and consumption, global demand reaching new highs, and significant shifts in energy trends.