Feature Report: Oil Producers and Consumers

3 items of content in this feature report

Featured Figures

Global Oil Consumption

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
United States 19,687 19,880 1.0% 20.2%
China 12,302 12,799 4.0% 13.0%
India 4,560 4,690 2.9% 4.8%
Japan 4,031 3,988 -1.1% 4.1%
Saudi Arabia 3,939 3,918 -0.5% 4.0%
Russia 3,193 3,224 1.0% 3.3%
Brazil 3,013 3,017 0.1% 3.1%
South Korea 2,771 2,796 0.9% 2.8%
Germany 2,378 2,447 2.9% 2.5%
Canada 2,401 2,428 1.2% 2.5%
Mexico 1,977 1,910 -3.4% 1.9%
Iran 1,722 1,816 5.4% 1.8%
France 1,600 1,615 1.0% 1.6%
Rest of the World 32,914 33,658 2.3% 34.3%
Total 96,488 98,186 1.8% 100.0%

 

Source: BP Statistical Review 2018