The World’s Biggest Oil Consuming Countries | CEOWORLD magazine

It’s no surprise that the US is the world’s biggest oil-consuming country, consumed 19.88 million barrels of oil per day (mbd) in 2017, which accounted for nearly 20.2 percent of the world’s total oil consumption per day, according to the research unit of CEOWORLD magazine. China’s oil consumption stood at 12.79mbd in 2017, accounting for about 13 percent of the world’s total oil consumption making it the second biggest oil consumer after the United States.

The top five here is completed by India, consuming 4.69 million barrels of oil per day; Japan, consuming 3.98 million barrels of oil per day; and Saudi Arabia consuming 3.91 million barrels of oil per day. Together, these five countries gobble up more than 45 million barrels every day. So, just five nations account for more than 46% of global oil consumption.

Well, there are three major demand centers for oil in the world: the European Union, the United States, and the Asia-Pacific.

Oil demand in the Asia Pacific region climbed from 26.04 million BPD in 2007 to 34.57 million BPD in 2017. Of course, the primary reasons are China and India.

Chinese demand has increased by almost 5.0 million BPD over the past decade, from 7.8mbd in 2017 to 12.85mbd in 2017- by far the most of any country.  Similarly, oil demand in India has increased by almost 2.0 million BPD over the past decade, from 2.94mbd in 2007 to 4.69 million barrels of oil per day (mbd) in 2017.

So, what would happen if these five biggest oil-consuming countries — that need more than 45 million barrels of oil per day — reduced their consumption by half.

The world’s biggest oil consuming countries and share of total world oil consumption (Thousand Barrels per Day) in 2017:

Rank Country Consumption (Thousand Barrels per Day, 2017) Global share in percentage
1 US 19880 20.2
2 China 12799 13
3 India 4690 4.8
4 Japan 3988 4.1
5 Saudi Arabia 3918 4
6 Russia 3224 3.3
7 Brazil 3017 3.1
8 South Korea 2796 2.8
9 Germany 2447 2.5
10 Canada 2428 2.5
11 Mexico 1910 1.9
12 Iran 1816 1.8
13 Indonesia 1652 1.7
14 France 1615 1.6
15 United Kingdom 1598 1.6
16 Singapore 1430 1.5
17 Thailand 1423 1.4
18 Spain 1293 1.3
19 Italy 1247 1.3
20 Australia 1079 1.1
21 Taiwan 1051 1.1
22 Turkey 1007 1
23 United Arab Emirates 1007 1
24 Netherlands 848 0.9
25 Egypt 816 0.8
26 Malaysia 803 0.8
27 Iraq 791 0.8
28 Argentina 670 0.7
29 Belgium 661 0.7
30 Poland 659 0.7
31 Pakistan 589 0.6
32 South Africa 580 0.6
33 Venezuela 505 5
34 Vietnam 486 0.5
35 Philippines 455 0.5
36 Kuwait 449 0.5
37 Hong Kong 427 0.4
38 Algeria 411 0.4
39 Chile 383 0.4
40 Qatar 354 0.4
41 Colombia 344 0.4
42 Sweden 320 0.3
43 Greece 314 0.3
44 Kazakhstan 311 0.3
45 Morocco 282 0.3
46 Austria 268 0.3
47 Peru 259 0.3
48 Portugal 256 0.3
49 Israel 247 0.3
50 Ecuador 237 0.2
51 Norway 223 0.2
52 Switzerland 222 0.2
53 Ukraine 206 0.2
54 Czech Republic 204 0.2
55 Finland 203 0.2
56 Romania 203 0.2
57 Oman 189 0.2
58 New Zealand 175 0.2
59 Hungary 167 0.2
60 Turkmenistan 155 0.2
61 Bangladesh 146 0.1
62 Belarus 135 0.1
63 Sri Lanka 107 0.1
64 Azerbaijan 92 0.1
65 Uzbekistan 71 0.1

Dr. Amarendra Bhushan Dhiraj

Dr. Amarendra Bhushan DhirajVerified account

Dr. Amarendra Bhushan Dhiraj is the CEO and editorial director at CEOWORLD magazine, the leading global business magazine written strictly for CEOs, CFOs, top managers, company directors, investors, senior executives, business leaders, high net worth individuals, and the most globally powerful men and women.

Dr. Amarendra Bhushan Dhiraj

Latest posts by Dr. Amarendra Bhushan Dhiraj

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