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Furthermore, growth in global oil demand slowed markedly in 2024, with consumption rising by 0.8 (1.5 EJ or 830 kbd) to 193 EJ after jumping by 1.9 in 2023. This reflected the end of the post-pandemic mobility rebound, slower industrial growth and the increasing impact of electric vehicles. This aspect of Global Oil Consumption Reaches All Time High Oilpricecom plays a vital role in practical applications.
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Furthermore, global oil consumption reached unprecedented levels in 2023, exceeding 100 million barrels per day (bpd) for the first time. This milestone, reported by the Energy Institute, marks a notable increase from the previous year when oil and biofuel consumption together hit 100 million bpd. This aspect of Global Oil Consumption Reaches All Time High Oilpricecom plays a vital role in practical applications.
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