Global Oil Consumption Rose 0.9% Annually Over the Past Decade

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Cindy Mutia Annur 09/10/2023 20:13 WIB

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According to a report by the Energy Institute, global oil consumption grew by 0.9% annually between 2012 and 2022.

Global Petroleum Consumption Trend (2012-2022)

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Global Petroleum Consumption Trend (2012-2022)

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Based on the *Statistical Review of World Energy* report from the Energy Institute, global oil consumption decreased in 2020 at the onset of the Covid-19 pandemic.

However, in subsequent years, consumption figures increased again in line with the global recovery.

The Energy Institute notes that global oil consumption in 2020 was 89.13 million barrels per day, down 9% year-on-year (YoY) from 2019.

Then, in 2021, consumption rose by 5.9% (YoY) to 94.37 million barrels per day, and in 2022 it increased again by 3.1% (YoY) to reach 97.3 million barrels per day.

Although it fluctuated due to the pandemic, the average oil consumption has tended to increase over the last decade.

According to the Energy Institute, during the 2012-2022 period, the annual growth rate of global oil consumption was 0.9% per year.

By country, the United States (US) is the world's largest oil consumer. In 2022, oil consumption in the US amounted to 19.1 million barrels per day, equivalent to 19.7% of total global consumption.

The next largest oil consumer is China. China consumed 14.29 million barrels per day throughout last year, equivalent to 14.7% of total global consumption.

India is in third place with oil consumption of 5.18 million barrels per day, followed by Saudi Arabia and Russia with oil consumption of 3.87 million barrels and 3.57 million barrels per day, respectively.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."