Oil continues to be the world's main energy source

The world's ten largest oil-consuming countries represented, in 2024, 61% of the global share. This percentage increases to 80% in the top 20 countries, given that total consumption had a moderate advance of 0.7% annually, according to visualcapitalist.com. Despite the slowdown in growth and the expansion of green energy sources, oil continues to be the main energy source worldwide.

The cited source presents a ranking of the world's main oil-consuming countries in 2024, based on data from energyinst.org. According to it, global oil consumption is dominated by a few countries, supported by their economic power, demographics and crude oil production. Thus, in 2024, the US consumed 19 million barrels of oil per day, representing 18.7% of the world total. A closer look shows that about 70% of US consumption comes from the transportation sector, followed by a 24% share for industrial use in areas such as raw materials for plastic production. Meanwhile, residential and commercial use each account for about 3%.

China ranks second globally, consuming 16.1% of the total, or 16.4 million barrels of oil per day. However, its per capita oil consumption is less than a fifth of America's. To partially compensate for this, China is relying more on coal in its energy mix.

Next on the list is India, which will account for 5.5% of global crude oil consumption in 2024, with 5.6 million barrels of oil per day. Unlike the US and China - which have seen sluggish oil demand growth in recent years - India is expected to be the main driver of oil demand growth through 2030, given its growing economy and its stage of economic development.

The 4th to 25th places in the ranking are as follows: Saudi Arabia (3.9% of the total; 4 million barrels of oil per day); Russia (3.8%, 3.8 million barrels); Japan (3.2%, 3.2 million barrels); South Korea (2.9%, 2.9 million barrels); Brazil (2.5%, 2.6 million barrels); Canada (2.3%, 2.3 million barrels); Germany (2%, 2.1 million barrels); Iran (1.9%, 2 million barrels); Mexico (1.8%, 1.9 million barrels); Indonesia (1.6%, 1.6 million barrels); Singapore (1.5%, 1.5 million barrels); France (1.3%, 1.4 million barrels); United Kingdom (1.3%, 1.3 million barrels); Spain (1.3%, 1.3 million barrels); Italy (1.2%, 1.3 million barrels); Thailand (1.2%, 1.3 million barrels); United Arab Emirates (1.2%, 1.3 million barrels); Turkey (1.1%, 1.2 million barrels); Australia (1.1%, 1.1 million barrels); Malaysia (0.9%, 0.9 million barrels); Iraq (0.9%, 0.9 million barrels); Taiwan (0.8%, 0.8 million barrels).

• Oil prices rise

Crude oil futures rose yesterday on growing concerns about supply disruptions due to the escalating conflict between Russia and Ukraine. Brent crude for November delivery rose 1.5% to $69.18 a barrel in late trading on ICE Futures Europe. West Texas Intermediate (WTI) crude for October delivery rose 2.7% to $65.71 a barrel by 8:22 a.m. local time on the US Nymex. Recent Ukrainian drone attacks have shut down facilities responsible for at least 17% of Russia's oil processing capacity, or 1.1 million barrels per day, according to Reuters calculations.

Investors are looking ahead to a meeting of members of the Organization of the Petroleum Exporting Countries and their allies (OPEC+) on September 7 for information on potential further increases in the group's output.

OPEC+ members, including Russia, recently agreed to raise oil production by 547,000 barrels per day through September 2025, continuing a series of production increases aimed at regaining market share after previous cuts. These supply increases have put pressure on prices, despite ongoing geopolitical risks. OPEC+'s decision comes against a backdrop of expanding non-Russian oil supply and strategic shifts in the alliance's approach to market balance.