The United States leads oil consumption with 19.63 million barrels per day in 2023, followed by China with 12.38 million barrels. India, Japan, and Saudi Arabia demonstrate moderate volumes of 4.49, 4.04, and 3.91 million barrels per day, respectively. Year-on-year changes showcase a stable consumption trend across most countries, with variation rates ranging from stable to modest growth, influenced by economic activities and energy transitions. CAGR over five years illustrates the incremental adoption of alternative energies impacting fossil fuel dependency.
Future trends to watch include:
- Growing emphasis on renewable energy sources potentially reducing oil demand.
- China and India might increase consumption due to industrial growth, albeit tempered by energy-transition policies.
- North American and European consumption may plateau or decline due to sustainability initiatives.
Top countries in Top Countries by Oil Consumption
| # | 10 Countries | Thousand Barrels Per Day | Last Year | |
|---|---|---|---|---|
| 1 | 1 United States | 19,630 | 2016 | |
| 2 | 2 China | 12,380 | 2016 | |
| 3 | 3 India | 4,490 | 2016 | |
| 4 | 4 Japan | 4,040 | 2016 | |
| 5 | 5 Saudi Arabia | 3,910 | 2016 | |
| 6 | 6 Russia | 3,200 | 2016 | |
| 7 | 7 Brazil | 3,020 | 2016 | |
| 8 | 8 South Korea | 2,760 | 2016 | |
| 9 | 9 Germany | 2,390 | 2016 | |
| 10 | 10 Canada | 2,340 | 2016 |
