Currently, oil accounts for a third of global energy consumption. More than half of the world oil is consumed by ten countries, with the US leading the chart.
In 2016, global oil consumption growth averaged 1.6 million barrels of oil per day (mbd) for the second successive year, with China and India showing the largest increments, according to BP Statistical Review of World Energy June 2017. In 2016, the world's total oil consumption stood at 96.5mbd.
Here is the list of top oil consuming countries:
The United States: With an oil consumption of 19.6mbd in 2016, the US is the world’s biggest oil consuming country. Oil consumed by the country accounts for 20.3% of the world's total oil consumption per day. The highest level of oil consumption in the US was witnessed in 2005, when the nation consumed 20.8mbd. However, with an increase in the usage of natural gas and the roll out of more fuel-efficient vehicles, the oil consumed by the world’s largest economy has been declining in recent years.
Image: The highest level of oil consumption in the US was witnessed in 2005. Photo courtesy of Vlado/Freedigitalphotos.net.
China: Accounting for 12.8% of the world’s oil consumption last year, China is the second biggest oil consumer after the US. Its oil consumption was 12.3mbd in 2016. The country continues to witness an increase in oil consumption, driven by strong growth in its economic activity. China continues to record a growth of over 7% in recent years, with a significant contribution from the expanding manufacturing and services sectors.
India: With an oil consumption of 4.4mbd in 2016, India is the third biggest oil consumer in the world. The country has witnessed steady increase in oil consumption in the past few years, due to strong economic growth. In the past two decades, India’s oil consumption has shown about three-fold increase. The country accounted for 4.6% of the world’s oil consumption in 2016. As the country has small proven oil reserves, it largely relies on oil imports to meet its fuel needs. India’s net imports have doubled in the past 15 years.
Image: India accounted for 4.6% of the world’s oil consumption in 2016. Photo: courtesy of Victor Habbick/ FreeDigitalPhotos.net.
Japan: Japan consumed 4.03mbd of oil in 2016 and stands at the fourth spot in the list of world’s biggest oil consuming countries. It accounted for 4.2% of the world’s oil consumption last year. As the country has very limited oil resources, it mainly depends on imports to meet its domestic oil needs. After witnessing a record consumption of 5.7mbd in 1996, Japan’s oil consumption showed a decline from that levels.
Saudi Arabia: The Kingdom of Saudi Arabia (KSA) is the fifth biggest oil consuming country in the world. It consumed 3.9mbd of oil in 2016, accounting for 4% of the world’s oil consumption. Holding the second biggest proven oil reserves in the world, the country is the biggest oil producer and exporter in the world. Saudi Arabia’s total oil production witnessed a steady increase over the past 7 years.
Russia: Though it is one of the major global oil producing countries, the country stands at sixth place in terms of oil consumption. In 2016, it consumed 3.2mbd of oil, accounting for 3.3% of the world’s total oil consumption. Russia is the third biggest oil producer in the world after the US and Saudi Arabia. The country produced 11.2mbd of oil in 2016. It is also the world’s second biggest oil exporter.
Image: Russia is the third biggest oil producer in the world after the US and Saudi Arabia. Photo: courtesy of num_skyman/FreeDigitalPhotos.net.
Brazil: The South American country occupies seventh spot in the list of the world’s biggest oil consuming countries. With a consumption of 3.01mbd of oil, the country accounted for 3.1% of the world’s oil consumption in 2016. As the country continues to be one of the fastest growing economies in the world, the oil demand recorded a steady growth in the country since 2008. Producing 2.6mpd of oil in 2016, Brazil was also the biggest oil producing country in South America.
Germany: The Europe’s largest economy is the eight biggest oil consuming country in the world. Consuming 2.3mbd of oil last year, the country accounted for 2.5% of the world’s oil consumption. Despite being a strong economy in the European region, there has been slight decline in its oil consumption in recent years.
