Which Country Imports the Most Oil?
Nov 15 2020
In 2019, global purchases of imported crude oil topped US$1 trillion. The enormous figure reflects steady demand from more than 115 countries, island nations and territories around the world. Price growth has been strong since 2015, with the dollar cost of crude oil imports increasing by more than 25%. This includes a slump in 2018 which saw imported crude oil imports fall by 12%, though it wasn’t significant enough to trigger a downturn.
Asia leads the import pack
Asia was the biggest consumer of oil, importing more than US$572 billion worth of crude in 2019. This represents a huge 54.2% of the worldwide total. Of the total, China accounted for 22.6% of overall imports, at a cost of almost US$239 billion. Europe claimed second place, with countries such as the Netherlands, Germany, Spain and the United Kingdom accounting for just over 28% of crude oil imports.
North America consumes 14% of crude
Despite being a global oil production giant, North America imported almost 14% of all worldwide crude. Excluding Mexico, Latin American nations accounted for 1.5% of total imports while Africa and Oceania were both just over 1%. Unsurprisingly, Australia and New Zealand were both big drivers of demand.
At a glance, here are the top 15 crude oil importers in 2019:
China: US$238.7 billion
United States: $132.4 billion
India: $102.3 billion
Japan: $73.1 billion
South Korea: $70.2 billion
Netherlands: $46.4 billion
Germany: $40.7 billion
Spain: $30.5 billion
Italy: $29.6 billion
United Kingdom: $24.5 billion
France: $24.4 billion
Singapore: $24.2 billion
Thailand: $22.3 billion
Taiwan: $21.3 billion
Belgium: $18.8 billion
Top 15 import more than 85% of oil
Out of more than 115 countries, the top 15 accounted for more than 85% of all crude oil imports in 2019. China reported one of the fastest-growing markets, with an increase of 77.7% since 2015. Demand in India also surged, with imports increasing by more than 41%. Imports in the United Kingdom grew by 33.2% while imports in Singapore climbed by more than 33.1%.
British oil imports fall since 2015
The United Kingdom was one of the only countries to report a decline, with imports dropping by 0.2% since 2015. Want to know more about the latest oil and gas trends? In ‘Digitalisation Transforms Refinery Emissions Monitoring and Combustion Control Gas Analysis’ you’re introduced to the cutting-edge solutions being used to reduce capital expenditure, simplify operations and lower cost of ownership.
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