Although the use of renewable energy in making electricity has been steadily increasing in recent years, oil remains the most crucial energy source globally, especially for transportation and heating.
According to a report by the International Energy Agency (IEA), 29% of the world’s energy will come from oil in 2020, as noted by Statista’s Florian Zandt.
As seen in the information provided by Zandt below, based on the Energy Institute Statistical Review of World Energy 2023 (read below), two countries were major consumers of oil in 2022.
In the previous year, the United States used 19 million barrels of oil each day, while the People’s Republic of China, its strong economic and political rival, used 14 million barrels per day.
You will find more infographics at Statista
Compared to the two superpowers, the usage of oil by other countries is much lower. The combined oil consumption of the remaining top 8 consumers is only about two-thirds of what the U.S. and China use.
When we examine the change in oil consumption between 2012 and 2022, we see a significant shift.
The United States’ oil usage increased by around nine percent, while China and India stood out with substantial growth rates of 42 percent and 41 percent in oil consumption, respectively.
Russian oil-based fuel has found a backdoor entry into Europe through India, as per reports.
In total, four out of the five BRICS countries are among the top eight oil-consuming nations. Among these, three out of four have displayed a notable increase in their demand for fossil fuels over the last decade.
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