Even with the share of renewables in electricity production rising continuously over the past years, oil remains the world's most important energy source when factoring in transport and heating. 29 percent of the world's energy supply in 2020 came from oil, according to an analysis by the International Energy Agency (IEA). As our chart based on the Energy Institute Statistical Review of World Energy 2023 shows, two countries were particularly heavy oil consumers in 2022.
The United States consumed 19 million barrels of oil per day, followed by its fiercest economic and political competitor, the People's Republic of China, with 14 million barrels per day this past year. The usage of other countries pales compared to the two superpowers: The rest of the top 8 consumers combined only amounted to two thirds of the amount used by the U.S. and China.
When looking at the change in oil consumption between 2012 and 2022, the picture changes significantly. U.S. oil usage only increased by about nine percent, with China and India emerging as growth leaders with 42 and 41 percent consumption growth, respectively. All in all, four out of the five BRICS countries are featured in the top 8 oil-consuming countries, and three out of four have shown a considerable increase in appetite for fossil fuel over the past decade.
