Asia Pacific Drives Growth In Global Oil Consumption

Oil and Gas

In 2017, Asia pacific experienced the largest growth in oil consumption of 3 percent, followed by Africa, Europe, Middle East, and North America with a growth of 2.5 percent, 1.9 percent, 1.4 percent and 0.6 percent respectively. It should be noted that the importance of Asia in oil consumption is not premised on oil alone, but also they are the largest oil consuming continent, accounting for 35.2 percent of global oil consumption. China was a main driver of not only the growth in oil consumption in Asia, but also globally, given that it accounted for 13 percent of global oil consumption in 2017, making it the second largest oil consuming country just behind the United States of America. Oil consumption grew by 4 percent from 12.3 million barrels per day in 2016 to 12.8 million barrels per day in 2017. Only Japan witnessed a decline of 1.1 percent in oil consumption, and this trend started since 2012, and oil consumption in Japan has consistently dropped.

Oil consumption grew in Europe having witnessed a decline in oil consumption in 2016. Virtually all countries in Europe (except Belgium, Finland and Netherlands) experienced growth in their oil consumption after a dip in 2016. Crude oil consumption grew the most in Czech Republic, Hungry and Poland with growth rates of 16.4 percent, 8.3 percent and 8.7 percent respectively. This can be attributed to the decline in price of crude oil, as this helped to surge energy demand in Europe. It should be noted that Europe accounts for about 15.3 percent of global crude oil consumption in 2017.

Africa accounted for 4.1 percent of global crude oil consumption. Oil consumption in Africa has followed an increasing pattern since 2011, although the growth of oil consumption in 2017 was lower by 0.6 percent compared to 2016. Four countries in Africa accounts for more half of total oil consumption in Africa in 2017; these are Algeria, Egypt, Morocco and South Africa.

In North America, oil consumption in the United States of America and Canada grew by 1 percent and 1.2 percent respectively in 2017. Jointly, these countries account for 22.7 percent of global oil consumption, while The United States of America alone accounts for 20.2 percent of global oil consumption in 2017.

Composition of global oil consumption and energy plant. Source: ENI and interfaxenergy

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