Feature Report: Oil Producers and Consumers

3 items of content in this feature report

Featured Figures

Global Oil Consumption

Global oil consumption is continuing to grow at a rate of between 1.5% and 2% a year (1.6% between 2015 and 2016 versus 1.9% between 2014 and 2015). According to the International Energy Agency (IEA), annual growth may remain at this level, with consumption expected to exceed the symbolic threshold of 100 million barrels a day in 2019. Consumption in the industrialized countries of the Organisation for Economic Co‑operation and Development (OECD) rose only moderately (or even decreased) overall as a result of demographic changes, growth rates and energy saving initiatives. However, this trend was offset by increases in emerging economies, in particular India and China. The rate of growth in China slowed to 3.3% between 2015 and 2016 versus 6.3% between 2014 and 2015, but demand is expected to remain high. Given the differing rates of growth in gross domestic product (GDP), the situation in Europe was mixed, with consumption continuing to decline in France but rising in Germany.

Global Oil Consumption (in thousands of barrels/day)

 
 
Country 2015 2016 Change 2016 over 2015 Share of Global Consumption
United States 19,531 19,631 0.5% 20.3%
China 11,986 12,381 3.3% 12.8%
Japan 4,139 4,037 -2.5% 4.2%
India 4,164 4,489 7.8% 4.6%
Russia 3,137 3,203 2.1% 3.3%
Saudi Arabia 3,868 3,906 1.0% 4.0%
Brazil 3,170 3,018 -4.8% 3.1%
Germany 2,340 2,394 2.3% 2.5%
South Korea 2,577 2,763 7.2% 2.9%
Canada 2,299 2,343 1.9% 2.4%
Mexico 1,923 1,869 -2.8% 1.9%
Iran 1,850 1,848 -0.1% 1.9%
France 1,616 1,602 -0.9% 1.7%
Rest of the World 32,403 33,074 2.1% 34.4%
Total 95,003 95,558 1.6% 100.0%

 

Source: BP Statistical Review 2017