In this piece, we are going to look at the Top 25 Countries with the Highest Oil Consumption in the World. You can skip our detailed discussion on how the oil market is doing in 2024, and go directly to the Top 5 Countries with the Highest Oil Consumption in the World.
Oil, which historically plays a pivotal role in the global industrial sector, household sector, and power sector, is still a critical commodity in today’s world.
However, amidst many economies still recovering from the COVID-19 pandemic, one factor that has stood out in slowing down oil consumption worldwide is the electrification of the automobile sector. As such, global oil inventories have risen through the majority of the first half of 2024 – increasing by 23.9 million barrels (mb), according to Reuters.
The oil demand has been projected to fall in 2024 by 960,000 barrels per day, as of June 2024. This is attributed to the weaker oil deliveries in the Organization for Economic Co-operation and Development (OECD) countries, slower economic activities in China and the U.S., and rising implementation of clean energy technologies. This slow growth is expected to continue in 2025, given the increased energy efficiency.
Nevertheless, global oil production has experienced an uptick of 520,000 barrels per day in May 2024, hitting 102.5 mb per day. One of the driving factors for this increase was the ethanol production in Brazil. Non-OPEC countries are expected to increase their supply to 1.4 mb per day while OPEC+ countries’ supply is forecasted to fall by 740,000 barrels per day because of the voluntary cuts in supply, according to IEA.
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As far as the oil giants are concerned, in terms of the possession of oil reserves, Venezuela, Saudi Arabia, and Iran are the three countries with the largest proven oil reserves, amounting to 303.221 billion barrels, 267.192 billion barrels, and 208.6 billion barrels, respectively. However, as far as the production capacity of the countries is concerned, the U.S., Saudi Arabia, and Russia are the three biggest producers of oil, with 2022 productions of 17,770,000 b/d, 12,136,000 b/d, and 11,202,000 b/d, respectively.
One of the biggest names in the global oil industry is Exxon Mobil Corporation (NYSE:XOM), which is an oil and gas company in the U.S. The company’s efforts to excel in the industry can be seen in its continued efforts to explore new ventures. As such, Exxon Mobil Corporation (NYSE:XOM) has set plans to carry out a study to search for potential oil and gas reserves in Indonesia. The company is also stepping into low-carbon hydrogen, which you can read about here.
Another name in the industry is Chevron Corporation (NYSE:CVX) which operates within the energy sector. Chevron Corporation (NYSE:CVX) unveiled the progress of its Anchor field project which gave out its first production of oil and gas, reported on August 13th. The project has a capacity to produce 5,000 gross barrels of oil and 28 million gross cubic feet of gas, catering to the U.S. market’s demand for the two commodities. Chevron Corporation (NYSE:CVX) also is keeping pace with the global energy sector transition to utilizing hydrogen as a source of fuel, which you can check out here.
While we acknowledge the potential of CVX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CVX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Aerial view of an oil rig illuminated against a night sky.
Methodology
To prepare our list of the Top 25 Countries with the Highest Oil Consumption in the World, we relied on the EI Statistical Review of World Energy™ report issued by the Energy Institute – a global professional body for the energy sector. The top countries in terms of oil consumption are presented, along with the YoY change (%) in consumption from 2022 to 2023. The higher a country’s consumption of oil in 2023, the higher it is ranked.
With this, let’s move on to our list of the Top 25 Countries with the Highest Oil Consumption in the World.
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25. Netherlands
Consumption of barrels per day in 2023 (in thousands): 850
Consumption of barrels per day in 2022 (in thousands): 827
Year-over-Year Change in Consumption: 2.8%
Oil consumption in the Netherlands has increased by 2.8% in 2023 from the prior year, meaning it grabs a place in our list of Top 25 Countries with Highest Oil Consumption in the World. However, consumption has been on a stable level for the past three to four years as the country has been increasing consumption from renewable energy sources instead.
The energy consumption in the country that came from renewable sources was 17% in 2023 which was up by 2%; furthermore, the financial institutions in the country are also offering up investments worth billions to up the decarbonization level in the country, and as such, PFZW, a $268 billion pension fund has divested 87 oil & gas companies demonstrating the rapid pace at which the country is getting rid of its reliance on traditional energy sources, including oil.
24. Iraq
Consumption of barrels per day in 2023 (in thousands): 875
Consumption of barrels per day in 2022 (in thousands): 825
Year-over-Year Change in Consumption: 6.1%
Next in line on our list of Top 25 Countries with Highest Oil Consumption in the World is Iraq where oil and petroleum have a share of 62% in the overall energy mix. The country’s reliance on oil is further demonstrated by the fact that it ranks 4th among countries with the largest proven oil reserves, amounting to 145 billion barrels, as of 2022.
A surprising fact about the oil reserves of the country is that the market value of the country’s reserves translates to $15 trillion, according to the finance minister of the country.
23. Malaysia
Consumption of barrels per day in 2023 (in thousands): 930
Consumption of barrels per day in 2022 (in thousands): 837
Year-over-Year Change in Consumption: 11.1%
Next on our list of Top 25 Countries with Highest Oil Consumption in the World is Malaysia. While the consumption of oil increased by 11.1% in 2023 over the previous year, a significant level of oil is exported by the country – it’s the 5th most exported product of the country, with export value being a whopping $10.2 billion (crude oil) in 2022.
On the other hand, the country caters to its oil demand through a significant level of imports ($12.2 billion in 2022) which the country makes from Saudi Arabia (5.54 billion), UAE ($1.53 billion), and Brazil ($1.07 billion), according to OEC World.
22. Australia
Consumption of barrels per day in 2023 (in thousands): 1,056
Consumption of barrels per day in 2022 (in thousands): 999
Year-over-Year Change in Consumption: 5.7%
The domestic oil supply of crude oil is quite limited in Australia, as its 2P (proven plus probable) reserves of oil amount to 1,803 million barrels, as of 2022. However, the share of oil in the energy mix in the country is 31.7% as of 2022. As such, the country has to rely on imports to cater to its domestic needs; the imports amounted to $6.45 billion in 2022, with Malaysia being the biggest exporter to it, supplying 34.4% of the total imported value, according to OEC World.
21. Turkey
Consumption of barrels per day in 2023 (in thousands): 1,136
Consumption of barrels per day in 2022 (in thousands): 1,072
Year-over-Year Change in Consumption: 6.0%
Turkey has been experiencing a consistently growing consumption of oil in the past ten years, with the consumption reaching an all-time high in December 2023, totaling 1,135 thousand barrels per day. The country relies on imports to meet its demand, and it does so through imports from Kazakhstan ($1.23 billion), Nigeria ($347 million), and Azerbaijan ($171 million).
20. United Arab Emirates
Consumption of barrels per day in 2023 (in thousands): 1,139
Consumption of barrels per day in 2022 (in thousands): 1,110
Year-over-Year Change in Consumption: 2.6%
The consumption of oil in UAE reached an all-time high in December 2023, hitting 1,139.4 thousand barrels per day. To meet its growing consumption in the last couple of years, ADNOC (the national oil company of UAE) is planning to put in efforts to increase upstream exploration and development for which it’s proposing a $150 billion investment. The country’s export line has crude petroleum as the biggest export item, totaling a whopping $105 billion in 2022.
19. Thailand
Consumption of barrels per day in 2023 (in thousands): 1,221
Consumption of barrels per day in 2022 (in thousands): 1,221
Year-over-Year Change in Consumption: 0.0%
Next in line on our list of the Top 25 Countries with the Highest Oil Consumption in the World is Thailand. Although the consumption of oil stayed unchanged in 2023 from the prior year, the consumption is expected to rise in 2024 by 2.8%, on the back of jet fuel consumption which is to increase by 24.2% this year. This consumption is also expected to increase due to foreign arrivals that are expected to increase by 25% this year, according to S&P Global.
18. Italy
Consumption of barrels per day in 2023 (in thousands): 1,221
Consumption of barrels per day in 2022 (in thousands): 1,236
Year-over-Year Change in Consumption: -1.2%
Next, we move on to Italy, a country that heavily relies on imports to meet its local demand – the country imported crude petroleum worth $2.4 billion in March 2024. The country imported $51 billion worth of crude petroleum in 2022, showcasing its significant reliance on imports to meet its total consumption.
However, the overall consumption has decreased on a year-over-year basis due to the country’s dedicated efforts towards cleaner forms of energy sources. The share of the country’s electricity generated from renewables, such as solar and wind, reached 37% in 2023, up from 31% in 2022, according to Euro News.
17. Spain
Consumption of barrels per day in 2023 (in thousands): 1,228
Consumption of barrels per day in 2022 (in thousands): 1,245
Year-over-Year Change in Consumption: -1.4%
Oil has a significant share in the energy mix of the country, supplying 44.2% of energy in 2022 to Spain, yet another European country on our list of Top 25 Countries with Highest Oil Consumption in the World.
The country hardly produces any oil on its own and relies on imports – crude oil imports totaled a massive $42.6 billion in 2022, according to OEC World.
16. United Kingdom
Consumption of barrels per day in 2023 (in thousands): 1,325
Consumption of barrels per day in 2022 (in thousands): 1,309
Year-over-Year Change in Consumption: 1.2%
The next country on our list of Top 25 Countries with the Highest Oil Consumption in the World is the U.K., whose proven oil reserves equal 1.5 billion barrels, as of 2024, according to EIA.
Crude oil has a roughly 40% share in the overall energy consumption mix of the country, which the country caters to by importing; the country is the 10th largest importer of crude oil
15. France
Consumption of barrels per day in 2023 (in thousands): 1,348
Consumption of barrels per day in 2022 (in thousands): 1,360
Year-over-Year Change in Consumption: -0.9%
France is the next country on our list of Top 25 Countries with the Highest Oil Consumption in the World.
The country’s oil supply predominately comes through imports as the net crude oil imports had a share of 98.6% in 2022. However, the country’s consumption of oil has been decreasing over the years, and as such, oil imports have fallen 51% in the period 2000-2022.
This trend is attributed to the country’s growing efforts to decarbonize the country, thus shifting the country’s focus to renewables. The country aims for a 41.3% generation through renewables by 2030, as per the country’s final National Energy and Climate Plan (NECP) to the European Commission, according to Enerdata.
14. Singapore
Consumption of barrels per day in 2023 (in thousands): 1,359
Consumption of barrels per day in 2022 (in thousands): 1,203
Year-over-Year Change in Consumption: 13.0%
Singapore has experienced a big increase in its oil consumption in 2023 (13%) from the prior year; this trend continues in 2023 as the ships’ oil sales jumped 12% in January 2024 due to the Red Sea crisis pushing ships to the country’s port, which is the last stop before the Indian Ocean for the vessels.
However, the country has no oil reserves of its own and caters to the demand through imports from the United States ($9.57 billion), the United Arab Emirates ($8.22 billion) and Saudi Arabia ($3.51 billion). The country’s total oil imports were $32.6 billion in 2022, according to OEC.
13. Indonesia
Consumption of barrels per day in 2023 (in thousands): 1,604
Consumption of barrels per day in 2022 (in thousands): 1,597
Year-over-Year Change in Consumption: 0.4%
Consumption of oil has stayed relatively constant over the period 2022-2023; however, the country has been importing quite heavily in recent times – its oil import bill in 2022 amounted to $10.1 billion.
A country that used to be a net exporter of oil is now a net importer and hence, it is offering five onshore and offshore oil and gas blocks in an attempt to up its local production. The country’s local production has been falling 11% per annum, according to the U.S. International Trade Administration.
12. Iran
Consumption of barrels per day in 2023 (in thousands): 1,817
Consumption of barrels per day in 2022 (in thousands): 1,853
Year-over-Year Change in Consumption: -1.9%
Although Iran has experienced a slight decline on the YoY basis in 2023, the country has seen its consumption rising historically. The revenue from oil is a major source of income for the country – oil was the 7th most exported product of the country in 2022, exporting $490 million worth of oil; as such, the country has found new avenues as it sent oil shipments to new countries like Bangladesh and Oman, as reported by Reuters. The country is also striving to up its production as high as 4 million barrels per day, due to sanctions posed by the U.S. back in 2018 due to the country’s nuclear program.
11. Germany
Consumption of barrels per day in 2023 (in thousands): 1,955
Consumption of barrels per day in 2022 (in thousands): 2,072
Year-over-Year Change in Consumption: -5.6%
Germany is the next country on our list of Top 25 Countries with Highest Oil Consumption in the World.
The falling consumption of oil is aligned with the falling production in 2023, which fell by 5.9% in 2023 over the prior year. As a result, the country’s dependence on oil is heavy as its import bill of oil amounted to $39.5 billion in 2022.
10. Mexico
Consumption of barrels per day in 2023 (in thousands): 1,962
Consumption of barrels per day in 2022 (in thousands): 1,931
Year-over-Year Change in Consumption: 1.6%
Oil has a significant share in the overall energy mix supply of Mexico, amounting to 44.3% in 2022; as such, the consumption of oil in the country increased by 1.6% in 2023 over the previous period.
The country has a substantial level of local production of oil as it produced 4.2 million terajoules (TJ) in 2022. As such, the country is a massive exporter of oil as it exported a value of $38.2 billion in 2022. The country is aiming to boost its production further as the government is incentivizing state oil producer Pemex to collaborate with private oil entities, Reuters notes.
9. Canada
Consumption of barrels per day in 2023 (in thousands): 2,351
Consumption of barrels per day in 2022 (in thousands): 2,312
Year-over-Year Change in Consumption: 1.7%
Canada is next in line on our list of Top 25 Countries with the Highest Oil Consumption in the World with a consumption of 2,351 thousand barrels per day in 2023. This is due to the transportation sector which is responsible for 60% of the total demand for oil, according to the Canada Energy Regulator (CER).
Canada has substantial reserves (4,731 million barrels, as of 2022) of oil to serve this high demand in the country – the 22nd largest in the world. It not only serves its own demand but also exports massive quantities of oil – exporting $123 billion worth of crude petroleum.
8. Brazil
Consumption of barrels per day in 2023 (in thousands): 2,567
Consumption of barrels per day in 2022 (in thousands): 2,512
Year-over-Year Change in Consumption: 2.2%
The next country on our list of Top 25 Countries with Highest Oil Consumption in the World is Brazil whose consumption of oil increased by 2% in 2023; this increase in consumption is expected to fall in 2024, as the demand for 2024 is forecasted to be half of 2023 level due to enhanced energy efficiency measures, and due to the electrification in the country’s transportation sector, according to the Arab Gulf States Institute in Washington.
7. South Korea
Consumption of barrels per day in 2023 (in thousands): 2,797
Consumption of barrels per day in 2022 (in thousands): 2,856
Year-over-Year Change in Consumption: -2.1%
South Korea, which has negligible local oil reserves, relies heavily on oil imports to meet its oil demand. The demand, however, has been on a downward trajectory in 2023 (2.1% decrease) due to increasing decarbonization efforts by the country, resulting in higher renewable power generation. The country expects its renewable energy demand to get to somewhere between 157.5-172.3TWh by 2030, according to the Korea Sustainability Investing Forum.
6. Japan
Consumption of barrels per day in 2023 (in thousands): 3,366
Consumption of barrels per day in 2022 (in thousands): 3,504
Year-over-Year Change in Consumption: -3.9%
Japan’s consumption of oil is on a downward trajectory due to lower usage of oil-related products in the transportation sector due to increasing electrification. Electric and hybrid car sales have increased four-fold in the past 10 years. As such, the consumption of oil fell by 3.9% in 2023 from the prior year.
5. Russia
Consumption of barrels per day in 2023 (in thousands): 3,635
Consumption of barrels per day in 2022 (in thousands): 3,615
Year-over-Year Change in Consumption: 0.6%
Russia hasn’t had any real change in its consumption over the period 2022-2023. Russia’s oil market has been suffering due to the European Union’s ban on Russian diesel and fuel oil. The oil market has also been on a downward trajectory due to reduced weaker demand from OPEC, hence 3% drop was experienced by the overall Russian fossil fuel revenue in July 2024; this was due to the fact that the exports were down 9% on a volume basis.
4. Saudi Arabia
Consumption of barrels per day in 2023 (in thousands): 4,052
Consumption of barrels per day in 2022 (in thousands): 3,854
Year-over-Year Change in Consumption: 5.1%
Saudi Arabia is a massive consumer of oil and why not? The Shoaiba power plant in the country is the largest fossil fuel power plant and has the capacity to extract 200,000 barrels a day of oil. However, despite the country’s ability to produce so much oil (share of 13.2% of total oil production in the world), placing it at the 2nd spot in terms of oil production, the country’s consumption is quite a lot as well, and the country’s power and water sector still consumes oil (25% of total production) whereas oil has stopped being used as a source for power generation in rest of the world.
3. India
Consumption of barrels per day in 2023 (in thousands): 5,446
Consumption of barrels per day in 2022 (in thousands): 5,209
Year-over-Year Change in Consumption: 4.5%
While the oil consumption in India increased by 4.5% in 2023 over the previous period, this trend continues to play a part in the first four months of 2024; the demand and hence, consumption of oil in the country increased by 4.8% to 3.7 million tons over the same period of 2023. This trajectory is attributed to the products diesel, gasoline, and liquefied petroleum gas (LPG), which together have a share of two-thirds of this total consumption in the country, according to the Indian government’s Petroleum Planning and Analysis Cell.
2. China
Consumption of barrels per day in 2023 (in thousands): 16,577
Consumption of barrels per day in 2022 (in thousands): 14,970
Year-over-Year Change in Consumption: 10.7%
China, which is one of the biggest consumers of oil in the world, is responsible for driving the overall oil market of the world. While the consumption increased in the country in 2023, analysts are seeing a fall in oil consumption in the country due to China’s economic slowdown impacting the construction sector, according to Reuters. Furthermore, falling diesel consumption in the country; hence, this consumption growth is set to decrease to under 3%, which is even below the last decade’s average of 4.6%.
1. United States
Consumption of barrels per day in 2023 (in thousands): 18,984
Consumption of barrels per day in 2022 (in thousands): 18,862
Year-over-Year Change in Consumption: 0.6%
Next, we have the United States of America. The consumption in the country is expected to grow in 2024 amidst strong demand in the household and transportation sector, the latter of which accounted for 67% of the consumption of total oil in 2022. The EIA sees the consumption growing in 2024 to 20.5 million barrels per day.
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Disclosure: None. This article was originally published at Insider Monkey.
