Who Is The World's Top Oil Consumer?

The world’s top oil consumer in 2024 was the U.S., according to the Energy Institute’s (EI) latest statistical review of world energy, which was released recently.

Demand in the country hit 18.995 million barrels per day last year, the report revealed, highlighting that this represented a 0.1 percent year on year decrease and 18.7 percent of total oil demand in 2024. From 2014 to 2024, U.S. oil consumption has grown by an average of 0.5 percent every year, the report outlined.

China was shown in the report to be the second biggest oil consumer last year, with 16.373 million barrels per day. That figure represented a 1.2 percent year on year drop and 16.1 percent of total oil demand in 2024, the report revealed. From 2014 to 2024, China’s oil demand has grown by an average of 4.0 percent every year, the report showed.

India had the third largest oil demand figure in 2024, according to the report, which revealed that India’s oil demand was 5.620 million barrels per day last year. That figure was a 3.1 percent year on year increase and represented 5.5 percent of total oil demand in 2024, the report highlighted. From 2014 to 2024, India’s oil demand has increased by an average of 3.8 percent every year, the report revealed.

Total world oil demand was 101.418 million barrels per day in 2024, according to the report, which outlined that this was a 0.7 percent year on year increase. From 2014 to 2024, total world oil consumption has increased by an average of 1.0 percent every year, the report showed.

The EI highlighted in its report that its oil consumption figures include inland demand plus international aviation and marine bunkers and refinery fuel and loss. Consumption of biogasoline, such as ethanol, and biodiesel are excluded in the figures, while derivatives of coal and natural gas are included, the report pointed out.

Total Oil Liquids Consumption

The U.S. was also the top total oil liquids consumer in 2024, the EI’s latest statistical review of world energy revealed. 

Total oil liquids consumption came in at 20.307 million barrels per day for the U.S. last year, according to the report, which outlined that this was a 0.2 percent year on year rise and 19.4 percent of the globe’s total oil liquids demand in 2024. From 2014 to 2024, U.S. total oil liquids demand has grown by an average of 0.6 percent every year, the report showed.

China was the second biggest total oil liquids consumer last year, according to the report, which revealed that the country’s total oil liquids demand was 16.473 million barrels per day in 2024. That figure represented a 1.1 percent year on year decrease and 15.7 percent of the world’s total oil liquids consumption in 2024, the report highlighted. From 2014 to 2024, China’s total oil liquids consumption has grown by an average of 4.0 percent every year, the report pointed out.

India ranked third in terms of total oil liquids consumption last year, the EI showed in its latest report. The country’s total oil liquids demand was 5.757 million barrels per day in 2024, which was a 3.7 percent year on year increase and 5.5 percent of global total oil liquids demand last year, the report outlined. From 2014 to 2024, India’s total oil liquids demand has grown by an average of 4.0 percent every year, the EI report showed.

The world’s total oil liquids consumption hit 104.710 million barrels per day in 2024, according to the EI’s latest report, which highlighted that this was a 0.8 percent year on year increase. From 2014 to 2024, the world’s total oil liquids consumption has increased by an average of 1.1 percent every year, the report highlighted.

The EI pointed out in its report that its total oil liquids demand figures include inland demand plus international aviation and marine bunkers and refinery fuel and loss. Consumption of biogasoline, such as ethanol, biodiesel and derivatives of coal and natural gas are also included, the report noted.

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