Top 5 Countries with the Highest Oil Consumption in the World

In this article, we will look at Top 5 Countries with the Highest Oil Consumption in the World. If you wish to read our detailed discussion on how the oil market is doing in 2024, you can go directly to the Top 25 Countries with the Highest Oil Consumption in the World.

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.