Nearly a third of the world’s total oil consumption comes from just 10 countries out of nearly 200. The United States is the world’s biggest oil consumer, followed by Asian countries China, Japan, and India. These are among the most industrialized or the most rapidly industrializing economies in the world, and host high populations, which make them aggressive consumers of oil and its derivatives.
United States
For many decades, the United States has been the world’s biggest oil consuming country. In 2012, it accounted for nearly 20 percent of the world’s total oil consumption per day. In 2005, it recorded the highest level of oil consumption ever, at 20.8mbd (million barrels per day). The strong demand is understandable because the U.S. runs many of the world’s most important factories, the largest thermal power plants, and has the most number of cars on the road. In recent years, however, the demand for oil has been declining. This is attributed to increased use of more fuel-efficient vehicles and growing reliance on renewable sources.
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| Image source: wikipedia.org |
China
China, currently the largest economy in the world by purchasing power parity (PPP), posted the greatest growth in oil consumption over the last decade. China is currently the second biggest oil importing country in the world and its net oil imports have steadily climbed up from 3.43mbd in 2008 to 5.86mbd in 2012.
Japan
Formerly the second richest country in the world (by nominal GDP), Japan remains a heavy consumer of oil and oil products. It recorded its highest oil consumption in its history in 1996 at 5.7mbd. Apart from large-scale industrial activities and high volume of car ownership, the country’s lack of fuel resources also explains its position as the third biggest oil importing country in the world.
India
Although still a developing state, India ranks fourth among the biggest oil consuming countries on the planet. Its oil consumption in 2012 stood at 3.6mbd, which accounted for about 4.2 percent of the world’s average oil consumption per day during the year. Rapid industrialization and a growing number of wealthy individuals drove the country’s oil consumption to three-fold in just under 20 years.
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| Image source: wikipedia.org |
Brian Alfaro is the founder and president of Primera Energy LLC, a San Antonio, Texas-based petrochemical leader. To know more about the company, visit this website.
