Global oil consumption has continued to grow at a steady pace, rising 1.8% between 2016 and 2017, after increasing 1.6% between 2015 and 2016 and 1.9% between 2014 and 2015. Over the past ten years, annual growth has averaged 1.2%. At this rate, consumption may exceed the symbolic threshold of 100 million barrels a day in 2019.
Growth was driven by China (up 4%) and India (up 2.9%). Among the industrialized countries of the Organisation for Economic Co-operation and Development (OECD), a significant increase was reported in Germany while more moderate growth was recorded in France, the United States and Canada. Japan saw a decline, mainly due to the development of renewable energies, the restart of nuclear plants and the country’s commitment to energy saving initiatives.
Global Oil Consumption (in thousands of barrels/day)
|Country||2016||2017||Change 2017 over 2016||Share of Global Consumption|
|Rest of the World||32,914||33,658||2.3%||34.3%|
Source: BP Statistical Review 2018