The U.S and China Consume 35% of the World's Oil 🛢️

Key Takeaways

• In 2024, U.S. oil consumption stood at 19 million barrels per day, declining -0.1% compared to 2023.
• China follows next, with 16.4 million barrels per day in oil consumption, falling -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.

Global Oil Consumption is Highly Concentrated

Last year, 61% of global oil consumption came from the top 10 countries.

This share jumps to 80% among the top 20 countries globally.

Yet while oil remained the dominant source of energy globally, growth slowed to just 0.7% in 2024.