Oil consumption is a key indicator of a nation’s economic activity and development. Understanding which countries consume the most oil provides insight into global energy dynamics, economic trends, and the environmental challenges we face.
Here’s a look at the top 10 countries that import the most oil and an analysis of their impact on the global energy market.
China
China’s oil imports increased consistently for 19 years, rising from 1.2 million bpd in 2001 to 10.85 million bpd in 2020, marking the second-highest total on record. However, import volumes dipped over the next two years, primarily due to Covid-19 lockdown measures. By 2023, crude imports rebounded to an all-time high of 11.29 million bpd. Yet, in the first seven months of 2024, arrivals dropped to 10.90 million bpd, about 320,000 bpd lower than the same period last year. This decline is likely influenced by several structural changes that are reshaping China’s fuel consumption dynamics.
United States
In 2023, the United States imported approximately 8.51 million barrels per day (bpd) of petroleum from 86 countries. This petroleum included crude oil, hydrocarbon gas liquids (HGLs), refined products like gasoline and diesel, and biofuels. Crude oil made up the majority of these imports, with about 6.48 million b/d, accounting for roughly 76% of the total U.S. gross petroleum imports. The top five sources of U.S. gross petroleum imports in 2023 were Canada, Mexico, Saudi Arabia, Iraq, and Brazil.
India
India, with its rapidly growing economy, is the third-largest oil consumer, using about 5 million barrels per day. In July, India surpassed China to become the world’s largest importer of Russian oil. Russian crude accounted for a record 44% of India’s total oil imports that month, reaching 2.07 million bpd, which is a 4.2% increase from June and 12% higher than the same period last year. Iraq remained India’s second-largest supplier, followed by Saudi Arabia and the United Arab Emirates. India’s crude imports from the Middle East also rose by 4% in July, increasing the region’s share in India’s overall oil mix to 40%, up from 38% in June, according to the data.
Japan
Japan consumes approximately 3.8 million barrels of oil per day, making it the fourth-largest consumer. In 2023, Japan’s largest supplier of crude oil was Saudi Arabia, which delivered followed closely by the United Arab Emirates with around 57.5 million kiloliters. In March alone, Japan imported 74.39 million barrels of oil, with 94.7% of that total, or 70.45 million barrels, coming from Arab countries. Kuwait contributed 5.12 million barrels (6.9%), and Qatar supplied 1.56 million barrels (2.1%). Japan also imported small amounts from Oman (0.1%) and the Neutral Zone (0.6%).
Russia
Russia is both a major oil producer and consumer, using about 3.6 million barrels per day. In 2022, Russia imported $20.1 million worth of crude petroleum, ranking as the 82nd largest importer of this commodity globally. During the same period, crude petroleum was the 653rd most imported product in the country. Russia primarily sourced its crude petroleum imports from Kazakhstan ($19.7 million), Azerbaijan ($420,000), Finland ($316), and Estonia ($21).
Saudi Arabia
Saudi Arabia, the world’s largest oil exporter, consumes around 3.3 million barrels per day. While much of its oil production is exported, the country also uses significant amounts domestically. Saudi Arabia purchases the majority of the fuel oil produced by Iraq and Bahrain, while also importing shipments from the United Arab Emirates. In April, the kingdom resumed imports from Russia after a five-month hiatus. Since then, supplies from Russia have nearly doubled, although they remain below the levels seen last summer.
Brazil
Brazil is the seventh-largest oil consumer, using about 3 million barrels per day. The country’s oil consumption is driven by its large transportation sector and industrial activities, especially in agriculture and mining. Brazil’s main sources of crude petroleum imports are Saudi Arabia ($2.8 billion), the United States ($2.28 billion), Nigeria ($1.06 billion), Angola ($539 million), and Algeria ($516 million). Between 2021 and 2022, the fastest-growing import markets for Brazil in crude petroleum were Saudi Arabia, with an increase of $1.57 billion, the United States, which grew by $1.08 billion, and Angola, with an uptick of $539 million.
South Korea
South Korea consumes approximately 2.6 million barrels of oil per day. In 2022, South Korea imported $89.1 billion in crude petroleum, primarily from Saudi Arabia ($32.5 billion), the United States ($13.2 billion), Kuwait ($9.26 billion), the United Arab Emirates ($7.97 billion), and Iraq ($7.35 billion). In March, South Korea increased its crude imports from the Middle East, with shipments from Qatar more than doubling compared to the previous year, and imports from Saudi Arabia rising by 8.1%. Meanwhile, South Korea is intensifying its efforts to reduce reliance on crude oil imports by exploring the significant offshore potential in the East coast
Germany
Germany, the largest economy in Europe, consumes around 2.4 million barrels per day. Germany primarily imports crude petroleum from Russia ($11.5 billion), Norway ($5.7 billion), the United States ($3.72 billion), the United Kingdom ($3.54 billion), and Libya ($3.28 billion). Between 2021 and 2022, the fastest-growing import markets for Germany were Norway ($3.58 billion), Russia ($2.13 billion), and the United States ($1.94 billion). In 2022, Germany imported 88.2 million tonnes of crude oil, sourced from a total of 31 countries.
Canada
Canada rounds out the top 10, consuming about 2.3 million barrels per day. The United States remains the largest source of Canada’s imported crude oil, accounting for 66% of imports in 2021, down from 75% in 2020. Saudi Arabia was the second-largest supplier, contributing 15% of Canada’s total crude imports, while Nigeria ranked third at 13%. Notably, crude imports from Nigeria saw the most significant year-over-year increase, rising by nearly 40,000 barrels per day in 2021.
