Who Are the Largest Consumers and Producers of Oil Across the Globe?

Ever since the horse and carriages had given way to cars, oil has been crucially important to the world economy. Since then, it has always been the major commercial energy source across the globe.  According to the EIA, recently the world is consuming 85.64 million barrels of crude oil per day- approximately equivalent to every single person using 2 litres of oil a day. Thus, the global oil consumption cost $4.3 billion each day.

USA is so far the biggest consumer of oil and gas. Even though there have been various discoveries in the energy sources, the consumption of conventional fuels is still far above the ground. Moreover, China is also listed as one of the major energy consuming countries even if it’s producing enough energy to meet its own needs, and that’s why it’s forecast as a powerful nation in world economy. According to annual statistical review, China is the second largest oil consuming country just after USA. 


Top 5 Largest Oil Consumers

 United States- 20.5 (millions of barrels per day)
 China- 6.5
 Japan- 5.4
 Russia- 2.6
 India - 2.3


Oil is the most valuable and usable source of energy across the whole world. There are many countries that have significantly effected by the developments and innovations in the oil market. Its demands and consumption is escalating day by day. In different countries, the production of oil also differs because of the natural resources’ availability and the techniques or technologies used. So let’s see the top oil producing nations in the world.


Top 5 Largest Oil Producers 


Russia- 10,730,000 (bbl/day)
Saudi Arabia- 9,570,000
United States- 9,023,000
Iran- 4,231,000
China- 4,073,000
 These five nations produce more than 40% of total world’s oil.


There has to be plenty of oil around for years to come. Moreover, oil resource base is not a constraint in the world, with regard to complying future demands. Over and above, there are yet plenty of crude oil reserves yet to be discovered. Its forecast that world’s proven crude oil reserves alone- i.e. more than 1000 barrels will meet the demands for over 45 years. Moreover ‘unconventional oil’ such as oil shale, tar sands etc. are also predictable to progressively rise in the coming years.

Along with these, since oil is a valued source for the global economy, it’s one of the most sought-after investment options. Besides, there are various tax benefits associated with oil and gas exploration companies in USA, investors are hugely making the most of them with an informed investment decision.