Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

U.S. Remains World's Top Oil Producer And Consumer

U.S. Remains World's Top Oil Producer And Consumer

Earlier this month BP released its Statistical Review of World Energy 2022. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis.
Oil Demand Bounces Back


For 2020, the Review reported the largest decline in oil1 consumption on record. After nine consecutive years of increase, the Covid-19 pandemic caused global consumption of crude oil to decline by more than 9% in 2020. Last year oil consumption bounced back by climbing 6% — the fastest rise since 1976. However, consumption remains 3.7% below the record level of 2019.

The United States remains the world's top oil consumer, averaging 18.7 million BPD in 2021. This marked an increase of 8.7% from 2020 (reflected by“Change” in the table below). This was the sharpest increase for any country in the Top 10, but it is still 9% below the all-time high U.S. oil consumption level of 2005 (20.5 million BPD).

China was the second-highest consumer at 15.4 million BPD. Over the past decade, U.S. oil consumption has increased by an average annual rate of 0.4%, while China's average annual increase was more than 10 times higher at 4.8%.

Germany was notably the only country in the Top 10 that saw a demand decline in 2021.

U.S. Remains Oil Production Champion

Despite the ongoing impact the pandemic has had on U.S. oil production, the U.S. remained the world's top oil producer in 2021 at 11.2 million BPD.2 Russia and Saudi Arabia retained their positions at #2 and #3.

Although oil companies around the world did begin to increase production during 2021, average production for the year fell for 6 of the Top 10 countries. This was a major driver behind the global surge of oil prices in 2021.

Footnotes

BP's definition of oil consumption excludes biofuels while derivatives of coal and natural gas are included.

Includes crude oil, shale/tight oil, oil sands, lease condensate or gas condensates that require further refining. Excludes liquid fuels from other sources such as biomass and synthetic derivatives of coal and natural gas.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×