Feature Report: Oil Producers and Consumers

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Global Oil Consumption

Oil consumption rose by just under 1% worldwide between 2018 and 2019, versus 1.5% between 2017 and 2018. It has been steadily increasing over the last ten years but fell short of the symbolic threshold of 100 million barrels per day in 2019. The United States, China and India were the largest consumers of oil (40% of the world total). Consumption in Europe dipped but remained stable overall.

Global Oil Consumption (in thousands of barrels/day)

 
Country 2018 2019 2018-2019 Change Share of Global Consumption
United States 19,428 19,400 -0.14 % 19.74 %
China 13,375 14,056 +5.09 % 14.30 %
India 5,112 5,271 +3.11 % 5.36 %
Japan 3,855 3,812 -1.12 % 3.88 %
Saudi Arabia 3,769 3,788 +0.50 % 3.85 %
Russia 3,282 3,317 +1.07 % 3.38 %
South Korea 2,781 2,760 -0.76 % 2.81 %
Canada 2,443 2,403 -1.64 % 2.45 %
Brazil 2,377 2,398 +0.88 % 2.44 %
Germany 2,260 2,281 +0.93 % 2.32 %
Iran 1,835 2,018 +9.97 % 2.05 %
Mexico 1,821 1,733 -4.83 % 1.76 %
France 1,538 1,530 -0.52 % 1.56 %
Rest of the World 33,472 33,505 +0.10 % 34.09 %
Total World 97,348 98,272 +0.95 % 100.0 %

 

Source: BP Statistical Review 2020