Feature Report: Oil Producers and Consumers

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Global Oil Consumption

Global oil consumption rose almost 2% between 2014 and 2015 compared to only 0.8% between 2013 and 2014. Demand was led primarily by China and India, and to a lesser extent the United States. In Europe and Japan however, the trend towards stagnation or long-term decline continued as a result of the cumulative effect of weak growth, more widespread use of renewable energies and improvements in energy efficiency. Consumption also declined in Brazil, where the once impressive boom has slowed since 2011, but growth is expected to resume in 2017. Russia, whose entire economy has been hit by falling oil prices, also experienced a sharp fall in oil consumption.

Global Oil Consumption (in thousands of barrels/day)

 
 
Country 2014 2015 Change 2015 over 2014 Share of Global Consumption
United States 19,106 19,396 1.6% 19.7%
China 11,201 11,968 6.3% 12.9%
Japan 4,309 4,150 -3.9% 4.4%
India 3,849 4,159 8.1% 4.5%
Russia 3,255 3,113 -5.2% 3.3%
Saudi Arabia 3,732 3,895 5.0% 3.9%
Brazil 3,242 3,157 -4.2% 3.2%
Germany 2,348 2,338 -0.2% 2.5%
South Korea 2,454 2,575 5.3% 2.6%
Canada 2,371 2,322 -2.9% 2.3%
Mexico 1,941 1,926 -1.1% 1.9%
Iran 2,013 1,947 -4.5% 2.1%
France 1,617 1,606 -1.0% 1.8%
Rest of the World 31,671 32,456 2.5% 35%
Total 93,109 95,008 1.9% 100.0%

 

Source : BP Statistical Review 2016