Introduction

The world consumes about 98 million barrels of oil per day. Of that, approximately 65% is consumed by just 20 countries. Countries with large populations and growing economies tend to consume more oil than other countries in the same region, so it is no surprise that China and India are among the top five consumers of oil. The US is also among this group, as well as Russia and Brazil. These nations make up about 60% of global consumption today; however their numbers may change significantly in coming years with growing demand from emerging economies such as Indonesia and Vietnam not yet accounted for here.

List of Countries By Oil consumption

The following list shows the top ten countries by oil consumption in 2014 (based on data from the U.S. Energy Information Administration):

• United States: 19.6 million barrels per day (bpd)

• China: 11.5 million bpd

• European Union 27: 4.6 million bpd

• Japan: 3.8 million bpd

• India: 3 million bpd

• Russia: 2.9 million bpd

• Saudi Arabia 1.7 million bpd

#1 USA

• United States

The United States is the world's biggest consumer of oil, consuming 19.5 million barrels per day—half the global total. The country has 3.6 billion barrels of proved reserves and an additional 75 billion barrels of potentially recoverable resources in undiscovered fields.

#2 China

China is the world's second largest oil consumer, and more than half of that consumption is in its transportation sector (the other half goes toward industry). In 2014, China consumed roughly 8.7 million barrels per day, while the United States consumed about 19 million barrels per day. However, China doesn't produce much oil itself—in fact, it imports around 60 percent of its supply from other countries. Also notable: Saudi Arabia has about 20 times as many proven reserves as China does!

#3 EU-27

The EU-27 is the third largest oil consumer in the world, after the US and China. It imports about half of its oil from Russia, and the other half from Norway, Saudi Arabia and Algeria.

EU-27 also imports oil from other countries such as Nigeria, Angola and Libya. The following table illustrates how much they import:

#4 Japan

Japan is the 4th largest oil consuming country in the world. It imports over 90% of its oil needs, yet it has no significant reserves of its own. It is therefore dependent on foreign oil for its energy needs.

#5 India

In India, oil consumption is expected to grow by 7% per year until 2040. With a growing demand for oil and limited domestic production, India has been forced to look abroad for its supply. However, because of its location on the Indian subcontinent and in proximity to large amounts of coal deposits, many Indians are not convinced that nuclear power is necessary or even desirable. In fact, in April 2010 (well before the Fukushima disaster), India's environment minister announced plans to halt all new nuclear projects.

In contrast with its neighbor China—whose economy began expanding rapidly in 1978 under Deng Xiaoping's "open door" policy—India's economy was relatively stagnant for much of its post-colonial history due primarily to poor leadership from successive governments under Nehruvian socialism during which time it failed consistently at implementing policies needed for rapid industrialization such as land reform measures or effective protectionist trade policies against foreign imports which would have encouraged domestic manufacturing activity."

#6 Russia

Russia is the world's largest oil producer, and its oil production has been on the rise since 1999. While Russia's output has dropped slightly since then, it is expected to continue increasing as new projects come online.

Russia also has the largest proven reserves of oil in the world—one-third more than Saudi Arabia—and its proven reserves are growing every year. This means that Russia will remain one of the most important sources of global energy for many years to come.

#7 Saudi Arabia

The most important thing to know about Saudi Arabia is that it has the largest oil reserves in the world—so much so that it can produce 10 million barrels of oil per day, making it the largest exporter in the world. But why? How did this happen?

Saudi Arabia was a poor country until recently. It didn't have a lot of money, but then oil was discovered there and everything changed for them. Now rich people can afford to buy houses with swimming pools and expensive cars like Lamborghinis. They also have nice clothes from European designers like Gucci or Dior, which cost thousands of dollars each!

#8 Brazil

• 5 million barrels per day

12 billion barrels

• 4 million barrels per day

#9 Canada

Canada is the 9th largest producer of oil in the world, producing 1.6 million barrels per day (mbpd). Canada has 3rd largest reserves of oil in the world at 175 billion barrels.

Canada produces about 1% of global supply and exports about 70% of its production.

World Reserve by type of Oil

Oil is a fossil fuel that can be used for a variety of purposes, including power generation and transportation. Worldwide reserves of oil are estimated at about 1.7 trillion barrels, but only about 10% of these reserves are considered to be "easy" to extract and produce. The remaining 90% is known as "unconventional" or "extra-heavy" oil, which requires more advanced technology and more sophisticated methods in order to extract it from the ground.

As you can see the smaller countries like Canada, Brazil, and Saudi Arabia occupy most of the worlds oil reserves.

As you can see the smaller countries like Canada, Brazil, and Saudi Arabia occupy most of the worlds oil reserves. This is not surprising since these countries have a lower population density than China or India.

Now that we have covered the basics of petroleum production and consumption, let’s look at where oil reserves are concentrated globally. Oil reserves are defined as those volumes that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions; they do not include resources that may be discovered in the future. As such, your estimates of remaining proven global crude oil reserves depend on what fraction of what is believed to exist will actually be found with reasonable certainty over time by exploration methods at current prices.

Although these estimates vary widely between sources (see table below), there are two important points to note when considering them: First, it should be noted that just because an estimate for total world conventional crude oil resources exists doesn't mean everyone accepts it as gospel—for example, Saudi Arabia has recently claimed its remaining conventional crude oil resources are much higher than most other estimates would suggest; second-and this is probably more important-no one knows exactly how much (if any) unconventional hydrocarbon resources exist worldwide; therefore no one can say how much of those might eventually become economically exploitable sources of supply over time."

Conclusion

So there you have it, the world's top oil producers by country. As you can see, there are a number of countries that have significant oil reserves that most people don't know about. This is important information because it helps us understand how much potential each country has for increasing production in the future as well as how much pressure they're under now due to high demand from other nations around them.