The line graph compares aggregate daily oil consumption of four main markets – namely the USA, China, the Middle East and Western Europe combined with Japan – between 2009 and 2030.
Overall, China and the Middle East are projected to record an ascending trend in their oil demand, while the USA and Western Europe with Japan are forecast to follow a reverse pattern. Remarkably, the USA is anticipated to remain the dominant oil consumer over the entire timeframe.
Regarding the regions with upward trend, China and the Middle East had the same initial oil consumption, which was 2 million barrels of oil a day in 2009. China’s oil usage is projected to reach approximately 4 million units per day in 2025, before declining slightly to around 3.5 million in 2030. Meanwhile, the Middle East’s figures undergo a gradual but steady increase to around 3 million barrels at the end of the period.
Turning to the remaining regions, the USA began the period with nearly 9 million barrels of fuel being used every day in 2009, more than twice as high as that of Western Europe and Japan, which was 4 million. Fuel intake in the USA had surged to a peak at 10 million barrels a day in 2015, before being anticipated to diminish mildly to 8 million units in 2025, then remains stable at slightly under 8 million units. Notably, in spite of a fluctuation in the amount of fuel consumed, the USA still remains the leading oil consumer by a large margin throughout the surveyed period. Western Europe and Japan’s figures, showing an opposite trajectory to the Middle East, are projected to decline steadily, converging with those of the Middle East in 2025 before falling to 2 million barrels of oil per day, making it the least oil-consuming market in 2030.
