Top 10 Largest Oil-Producing and Consuming Countries

Oil remains an important part of the global economy, with a significant impact on geopolitical dynamics and national incomes. World oil production and consumption data as of April 2024 highlights the leading countries in these fields, demonstrating their role in oil production and consumption.

major oil producing countries

As of April 2024, the world’s total oil production reached 101.81 million barrels per day, of which the top ten oil-producing countries produced approximately 74.59 million barrels per day, accounting for approximately 73% of global production. The following table lists the largest oil producing countries:

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rank	nation	million barrels per day	Share of world total
1	USA	21.91	twenty two%
2	Saudi Arabia	11.13	11%
3	Russia	10.75	11%
4	Canada	5.76	6%
5	China	5.26	5%
6	Iraq	4.42	4%
7	Brazil	4.28	4%
8	United Arab Emirates	4.16	4%
9	Iran	3.99	4%
10	Kuwait	2.91	3%

This data shows that the United States leads the world in oil production, accounting for 22% of the global total, followed by Saudi Arabia and Russia, each accounting for about 11%.

major oil consuming countries

From the perspective of consumption, as of April 2024, the world’s total oil consumption has reached 99.95 million barrels per day, of which the top ten oil consuming countries account for approximately 61.08 million barrels per day, accounting for approximately 61% of global consumption. The following table lists these countries:

rank	nation	million barrels per day	Share of world total
1	USA	20.01	20%
2	China	15.15	15%
3	India	5.05	5%
4	Russia	3.68	4%
5	Saudi Arabia	3.65	4%
6	Japan	3.38	3%
7	Brazil	3.03	3%
8	South Korea	2.55	3%
9	Canada	2.41	2%
10	Germany	2.18	2%

The United States is also the largest consumer of oil, using about 20% of global supply, followed by China and India, which consume 15% and 5% respectively.

India’s place in global oil dynamics

India is the world’s third largest oil consumer, with daily consumption of approximately 5.05 million barrels, accounting for approximately 5% of global consumption. Forecasts suggest that India’s oil demand will increase by nearly 1.2 million barrels per day by the end of the decade, accounting for more than a third of the expected global demand growth of 3.2 million barrels per day.

The International Energy Agency (IEA) predicts that India will become the largest source of global oil demand growth between now and 2030, while consumption in advanced economies will decline during this period. The growth in oil demand in India is driven by several factors:

• Urbanization: Rapid growth of cities leads to increased energy demand.
• Industrialization: Growing industries require massive energy inputs.
• Emerging Middle Class: A wealthier population demanding greater mobility and energy use.
• Clean Cooking Initiative: There is an increased need for oils for clean cooking solutions.

These conditions imply a major shift in global oil dynamics; therefore, India occupies a crucial position in future consumption patterns.

Future trends in oil production and consumption

The International Energy Agency reports that oil use in advanced economies will decline in the long term; production will fall to less than 43 million barrels per day by 2030 from 46 million barrels per day in 2023, while emerging economies such as India and China will Continue to drive global consumption growth.

Non-OPEC+ oil-producing countries are expected to lead oil production growth in 2030. In fact, the United States is expected to be at the forefront of this increase, with the country expected to add an additional 2.1 million barrels per day. Argentina, Brazil, Canada and Guyana are expected to add a combined 2.7 million barrels per day.

OPEC+, on the other hand, expects production capacity to increase by only 1.4 million barrels per day between 2023 and 2030, with Saudi Arabia, the United Arab Emirates and Iraq leading the way.

The global oil production and consumption pattern is changing rapidly, with significant impacts on producers and consumers. As countries like India become more influential on the world stage, their energy needs will increasingly shape the future markets and geopolitics of the oil industry. Understanding these dynamics is key to navigating the complexities of energy dependence and sustainability in an increasingly interconnected world economy.

Source: https://dinhtienhoang.edu.vn
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