Oil consumption by country

(November 8, 2016)

According to the latest data from the U.S. Energy Information Administration from 2013, the United States is the world's biggest oil consumer with about 19 million barrels of oil consumed each day. This is 21 percent of the total world consumption of oil which, as reported by the World Bank, is almost identical to the share of the US economy in world GDP. Still, we should point out that the U.S. is home to only 5 percent of the world population and yet accounts for a fifth of the world consumption of oil (90 million barrels per day in total). We should also note, however, that, despite some ups and downs, oil consumption in the US has not changed much from year 2000 when it stood at 19.7 million barrels per day.

The chart shows all countries with oil consumption exceeding 50 thousand barrels per day. Second in the rankings is China with 10.4 million barrels per day, up over two times from the 2000 level of 4.7 million barrels per day. The first five slots are rounded off by Japan, India, and Russia. Over time, oil consumption in Japan has declined while it has grown in India and Russia albeit not at the same high rate as in China. Similar to Japan, the oil consumption of Germany has declined from 2.8 million barrels per day in 2000 to 2.4 million barrels per day in 2013. In contrast, the oil consumption of Brazil has expanded from 2.1 to 2.9 million barrels per day in the same period.

In short, oil consumption globally is shifting from developed countries where it either stays fairly constant (the U.S.) or has declined (Japan, Germany) and has increased in emerging markets. Overall, however, we observe an increase in oil consumption from 77 million barrels per day in 2000 to the current level of about 90 million barrels per day.





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