Key Takeaways
- In 2024, U.S. oil consumption stood at 19 million barrels per day, a change of -0.1% from the previous year.
- China follows next, with 16.4 million barrels per day, changing -1.2% over the year.
- Over the past decade, India’s oil consumption has grown at one of the fastest rates globally, increasing 3.8% on average, per year.
In 2024, the world’s 10 largest oil-consuming countries accounted for 61% of the global share.
This jumps to 80% among the top 20 countries, as overall consumption increased by a moderate 0.7% annually. Despite slowing growth and the rise of green energy sources, oil continues to be the leading source of energy worldwide.
This graphic shows the world’s top oil-consuming countries in 2024, based on data from the Energy Institute.
The Concentration of Global Oil Consumption
Below, we show how global oil consumption is dominated by a handful of countries, supported by their economic strength, demographics, and oil production:
| Rank | Country | Million Barrels in 2024 Per Day |
Share of Global Total |
|---|---|---|---|
| 1 | 🇺🇸 U.S. | 19.0 | 18.7% |
| 2 | 🇨🇳 China | 16.4 | 16.1% |
| 3 | 🇮🇳 India | 5.6 | 5.5% |
| 4 | 🇸🇦 Saudi Arabia | 4.0 | 3.9% |
| 5 | 🇷🇺 Russia | 3.8 | 3.8% |
| 6 | 🇯🇵 Japan | 3.2 | 3.2% |
| 7 | 🇰🇷 South Korea | 2.9 | 2.9% |
| 8 | 🇧🇷 Brazil | 2.6 | 2.5% |
| 9 | 🇨🇦 Canada | 2.3 | 2.3% |
| 10 | 🇩🇪 Germany | 2.1 | 2.0% |
| 11 | 🇮🇷 Iran | 2.0 | 1.9% |
| 12 | 🇲🇽 Mexico | 1.9 | 1.8% |
| 13 | 🇮🇩 Indonesia | 1.6 | 1.6% |
| 14 | 🇸🇬 Singapore | 1.5 | 1.5% |
| 15 | 🇫🇷 France | 1.4 | 1.3% |
| 16 | 🇬🇧 UK | 1.3 | 1.3% |
| 17 | 🇪🇸 Spain | 1.3 | 1.3% |
| 18 | 🇮🇹 Italy | 1.3 | 1.2% |
| 19 | 🇹🇭 Thailand | 1.3 | 1.2% |
| 20 | 🇦🇪 UAE | 1.2 | 1.2% |
| 21 | 🇹🇷 Turkey | 1.2 | 1.1% |
| 22 | 🇦🇺 Australia | 1.1 | 1.1% |
| 23 | 🇲🇾 Malaysia | 0.9 | 0.9% |
| 24 | 🇮🇶 Iraq | 0.9 | 0.9% |
| 25 | 🇹🇼 Taiwan | 0.8 | 0.8% |
In 2024, the U.S. consumed 19 million barrels of oil per day, representing 18.7% of the world total.
Breaking it down further, approximately 70% of American consumption is from the transportation sector, followed by 24% for industrial use in areas like feedstock for plastic production. Meanwhile, residential and commercial use each make up about a 3% share.
China ranks in second globally, consuming 16.1% of the global total. However, oil consumption per capita is less than a fifth of America. To partially make up for this, China relies more heavily on coal in its energy mix.
Following next in line is India, covering 5.5% of world oil consumption in 2024. Unlike the U.S. and China—which have seen oil demand growth slow in recent years—India is projected to be the top country driving oil demand growth through 2030 given the rising strength of its economy and its phase of economic development.
Credit: Visual Capitalist
