In this article, we are going to discuss the 10 countries that import the most oil in 2023. If you want to check out our detailed analysis of the global oil and gas market, the impact of the Russia-Ukraine war on the global energy landscape, and the steps taken by major oil companies to achieve net zero by 2050, head to 25 Countries that Import the Most Oil in 2023.
10. United Kingdom
Total Oil Imports in 2022: $39.46 billion
Although the U.K. produces a significant amount of oil from its own resources, its refineries are not equipped to process the sour crude extracted from the North Sea. As a result, the majority of the domestically produced oil is shipped off to other markets and the country’s own refineries rely heavily on imports.
The majority of oil imported to the U.K. comes from Norway, which supplies it with roughly 11.7 million metric tons of crude oil annually.
9. Italy
Total Oil Imports in 2022: $44.92 billion
Italy has a large refining industry and the country has a significant capacity to produce a variety of fuels and petrochemical products, including gasoline, diesel, jet fuel, lubricants, and petrochemicals. As a result, despite its high crude imports, Italy is a significant net exporter of oil products.
8. Spain
Total Oil Imports in 2022: $47.75 billion
As Spain has negligible oil production of its own, it has to import almost all it consumes and this is a very large amount since the country’s energy model depends largely on crude oil. According to Spain’s National Energy and Climate Plan (NECP), which targets carbon neutrality in 2050, the country’s oil consumption will drop by 23% over the next 10 years, contributing to a 31% cut of overall greenhouse gas emissions over the period.
7. Netherlands
Total Oil Imports in 2022: $58.67 billion
The Netherlands is an important energy hub in the Northwest European market – not only for oil, but also for natural gas, coal, and electricity. Dutch ports play a key role in the global and regional energy trade and have one of the largest concentrations of oil refining and marine bunkering fuels in Europe.
Since December 2022, Russian crude oil has stopped entering the Netherlands, having accounted for 30% of crude oil imports in 2022 as a whole.
6. Germany
Total Oil Imports in 2022: $63.15 billion
Germany’s crude oil imports rose by 8.5% last year as Europe’s biggest economy recovered from the COVID-19 pandemic and the bill for its purchases soared as oil prices surged. Russia, the United States, and Kazakhstan were the largest suppliers of crude to the Western European nation in 2022.
Germany is the Top Oil Importing Country in Europe.
5. Japan
Total Oil Imports in 2022: $100.92 billion
Japan is the third-largest economy in the world, and since it has virtually no oil production of its own to feed such a large domestic machinery, it is heavily reliant on imports, more than 90% of which comes from the Middle East. The island nation is served by five main oil ports – Chiba, Yokohama, Yokkaichi, Mizushima, and Osaka.
4. Republic of Korea
Total Oil Imports in 2022: $105.96 billion
Due to insufficient domestic resources, South Korea imports nearly all of its energy. Oil consumption has generally trended upwards since the late 2000s, with demand for naphtha being particularly strong due to the East Asian country’s large petrochemicals industry.
3. India
Total Oil Imports in 2022: $173.52 billion
India imports around 84% of its crude oil needs, and it has been on the rise with every passing year as consumption of fuels and other petroleum products increased while domestic production remained flat. However, with a refining capacity of nearly 254 million tonnes per annum, the South Asian country is still a net exporter of petroleum products.
2. United States of America
Total Oil Imports in 2022: $204.72 billion
The U.S. is the Largest Oil Producer in the World in 2023, accounting for 14.7% of the overall world crude production in 2022. Despite this, the country imports so much crude mainly because many of its refineries are not equipped to distill the light oil coming from the Gulf Coast, and are more suited to the heavy, harder-to-refine crude imported from the Middle East and elsewhere.
Canada now accounts for more than half of U.S. oil imports, replacing OPEC as the top source over the past decade.
1. China
Total Oil Imports in 2022: $366.51 billion
China is not only the country with the second-largest population in the world, but is also the second-largest global economy, so it comes as no surprise that it is the Largest Oil Importer in the World in 2023. Another reason the People’s Republic has increased oil imports and refining capacity is also to sell to other nations, particularly in Asia.
China was the Biggest Buyer of Saudi Oil in 2022, buying 87.49 million tonnes of crude during the year, equivalent to 1.75 million barrels per day.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 25 Countries with the Best Beaches and 20 States with the Highest Gas Prices in the US.
