Top 5 Countries with the Highest Oil Consumption

2. China

Total consumption in 2020 (million barrels per day): 14,433

Total consumption in 2021 (million barrels per day): 15,266

China’s oil consumption has increased 7x in the last 4 decades, from 1,857 million barrels per day in 1981 to 15,266 million barrels per day in 2021. Currently, global oil traders are waiting for China’s air travel to boom as the first summer since China’s abandonment of its zero-Covid policy is expected to provide a significant boost to the oil industry. According to JPMorgan Chase, the single biggest driver of world oil demand will be jet fuel consumption in China.