Oil remains a vital component of the global economy, significantly influencing geopolitical dynamics and national revenues. As of April 2024, the world's oil production and consumption figures highlight the leading countries in these sectors, showcasing their roles in both producing and consuming oil.
Top Oil-Producing Countries
The total world oil production reached 101.81 million barrels per day (bpd) as of April 2024, with the top ten oil-producing countries contributing approximately 74.59 million bpd, representing about 73% of global production. The following table outlines the largest oil producers:
| Rank | Country | Million Barrels per Day | Share of World Total |
| 1 | United States | 21.91 | 22% |
| 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 indicates that the United States leads the world in oil production, accounting for 22% of the global total, followed by Saudi Arabia and Russia, each contributing around 11%.
Top Oil-Consuming Countries
In terms of consumption, the total world oil consumption reached 99.95 million bpd as of April 2024, with the top ten oil-consuming countries accounting for approximately 61.08 million bpd, or about 61% of global consumption. The following table lists these countries:
| Rank | Country | Million Barrels per Day | Share of World Total |
| 1 | United States | 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 the world's supply, followed by China and India, which consume 15% and 5%, respectively.
India's Position in Global Oil Dynamics
India stands out as the world's third-largest oil consumer, utilizing approximately 5.05 million bpd, which constitutes about 5% of global consumption. Projections indicate that India's oil demand will increase by nearly 1.2 million bpd by the end of this decade, contributing over a third of the anticipated global demand growth of 3.2 million bpd.
The International Energy Agency (IEA) predicts that India will become the largest source of global oil demand growth between now and 2030, whereas consumption in developed economies is going to decline during this period. Growth in India's oil demand is driven by several factors:
- Urbanization: Rapid urban development leads to increased energy needs.
- Industrialization: Growing industries require substantial energy inputs.
- Emerging Middle Class: The more affluent population calls for greater mobility and energy use.
- Clean Cooking Programs: Increased demand for oil from clean cooking solutions.
These conditions spell a significant shift in global oil dynamics; India therefore occupies a critical place in future consumption patterns.
Future Trends in Oil Production and Consumption
The IEA report says advanced economies will see long-term declines in oil use; from 46 million bpd in 2023 to below 43 million bpd by 2030, while emerging economies, like India and China, are going to continue driving growth in global consumption.
Non-OPEC+ producers are expected to lead the increase in the pt for 2030. In fact, the United States is expected to be at the forefront of this increase, with an additional 2.1 million bpd expected from the country. Argentina, Brazil, Canada, and Guyana are expected to collectively add another 2.7 million bpd.
On the other hand, OPEC+ is expected to add only 1.4 million bpd in its production capacity from 2023 to 2030, with Saudi Arabia, the UAE, and Iraq leading this effort.
The global landscape of oil production and consumption is changing rapidly, bringing with it significant implications for producers and consumers alike. With countries like India gaining increasing influence on the world stage, their energy needs will increasingly shape future markets and geopolitics within the oil sector. Understanding these dynamics is key to navigating the complexities of energy reliance and sustainability in an increasingly interconnected world economy.
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