Introduction
Crude oil is a vital source of fuel that powers global industries and vehicles, as a result of which it is considered to be as valuable as gold. Crude oil is a fossil fuel extracted from the earth, so it has a limited supply and its combustion has a damaging effect on the environment but still makes up the primary source of fuel for most countries. The crude oil itself is simply the raw product. Before it can be used, it is processed into different components ranging from plastics to gasoline, from diesel to jet fuel, and from lubricant oils to asphalt.
Oil is sold and measured in barrels, so one can generally determine a country’s or the world’s consumption in terms of barrels consumed per day. In 2020 alone, the world consumed over 88 million barrels of oil per day, but, in comparison to previous years, this high value still represents an overall decline in oil consumption as a result of the pandemic. The U.S. is currently both the largest producer and the largest consumer of crude oil in the world, with highly populated countries like China and India following close behind.
If you would like to learn more about oil consumption by country, please refer to the data in the map and charts.
[shield-db-table]Need to survey a highly targeted audience?
Talk to our Experts