Despite the renewable boomoil remains the source of energy that moves the world. Such is the level that, although the main oil companies The path of decarbonization began supporting renewable energies, a few months ago announced a change of coursediscovering that It was the best possible bet. The estimate is that the oil market continues to grow.
And this chart illustrates what the largest oil consumers were during the past year.
A Burrada. With data from Energy Institutethe graph prepared by Visual Capitalist Plasma the 25 countries with the highest daily oil consumption of 2024. The estimated total was 101.4 million barrels per day, and the graph leaves no doubt: the United States with 19 million barrels per day and China with 16.4 million leads. And a lot of distance from the rest.
By colors, we can easily differentiate which area (Asian includes Australia) is the one that most consumes, and also see differences by region. For example, removed the monster that are the two powers, we see that Only a South American country appears In the top or that consumption in Europe, removing Russia, is quite even.
The top 10> the others. The striking thing is that the first ten consumers (USA, China, India, Saudi Arabia, Russia, Japan, South Korea, Brazil, Canada and Germany) represented 61% of the global fee. Among the first 20 countries, that figure increases to 80% and, in general, an annual 0.7% increase worldwide was observed.
Because, as we said, despite the impulse of renewables, oil remains the main source of energy worldwide. A few months ago, the IEA (the International Energy Agency) reviewed its world supply forecasts for this year, projecting an increase of 1.6 million barrels per day and estimated that the oil demand in 2025 would be 103.9 million barrels per day.
Where is it consumed? The case of India is tremendous, since in the last decade it has grown to one of the fastest rates worldwide, with 3.8% per year. And, if we see what the main oils spend on that oil, we see that the United States, for example, uses 70% of its 19 million barrels per day in the transport sector, followed by 24% in industrial use as raw material. Just 3% is consumed in residential and commercial use.
In China, se esteem that half of the oil is used in transport and another large part in the industrial sector. Now, to generate electricity, although it remains a country very dependent on oil (even after Huge impulse to renewables), In its energy mix, oil is marginal, prioritizing coalthe Hydroelectricthe nuclear and the mentioned renewable.
The future. And that dependence on oil is not only not being renewable, but it will go to more. If a few months ago IEA projected that increase of 1.6 million barrels per day, now OPEC+ says, as we read in Reuterswhich has more manga and can increase crude oil. And, in addition, China is also focused on becoming a Important actor in oil production.
In the end, It is a very volatile market that depends on both internal tensions and conflicts and the not few active wars at the moment. But what seems clear is that, when we have the complete data of 2025, those 101.4 million barrels of last year will have been exceeded. And it will be interesting to see where the Indian brand leaves.
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