In 2023, China imported more oil and its products than any other region across the globe, at roughly 13.7 million barrels per day. Europe followed closely as the second-largest importer, with 12.8 million daily barrels.
Chinese demand on the rise
China has become the second largest oil consumer in the world, ranking only behind the U.S. However, while the latter saw its oil production more than double in the past decade, oil production in China has remained more or less stable in the period, with an average output of four million barrels per day. In contrast, China's oil consumption has about tripled since the beginning of the century, with demand registering a year-over-year growth of almost two percent in 2020, despite the coronavirus pandemic.
Oil movement between Europe and Russia
The European Economic Area, as well as Eastern European countries, also account for a high level of imports, as Russia is a major producer and exporter of oil, home to the largest proved oil reserves in Europe and Eurasia. Outside of Russia and former Soviet Union (FSU) countries, Norway and the United Kingdom are the only two European nations with significant oil production, yet still only a fraction of Russia’s. Nevertheless, the share of petroleum oil imported to the European Union from Russia has slowly declined in the past decade, to just below 2.8 percent in the first quater of 2024.
Leading crude oil importers worldwide in 2023
(in 1,000 barrels per day)
Characteristic
Crude oil
Oil products
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Energy Institute. (June 20, 2024). Leading crude oil importers worldwide in 2023 (in 1,000 barrels per day) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/240600/global-oil-importers-by-region-2011/
Energy Institute. "Leading crude oil importers worldwide in 2023 (in 1,000 barrels per day)." Chart. June 20, 2024. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/240600/global-oil-importers-by-region-2011/
Energy Institute. (2024). Leading crude oil importers worldwide in 2023 (in 1,000 barrels per day). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/240600/global-oil-importers-by-region-2011/
Energy Institute. "Leading Crude Oil Importers Worldwide in 2023 (in 1,000 Barrels per Day)." Statista, Statista Inc., 20 Jun 2024, https://www.statista.com/statistics/240600/global-oil-importers-by-region-2011/
Energy Institute, Leading crude oil importers worldwide in 2023 (in 1,000 barrels per day) Statista, https://www.statista.com/statistics/240600/global-oil-importers-by-region-2011/ (last visited September 01, 2024)
Leading crude oil importers worldwide in 2023 (in 1,000 barrels per day) [Graph], Energy Institute, June 20, 2024. [Online]. Available: https://www.statista.com/statistics/240600/global-oil-importers-by-region-2011/