Top 5 Countries with the Highest Oil Consumption in the World

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 the consumption in the country due to China’s economic slowdown impacting 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%.