Serious fluctuations in oil prices are observed against the backdrop of rising tension in the Middle East and the Iran-US confrontation. After Israel and the US attacked Iran, Tehran fired missile strikes at Israel and the Gulf countries where US military bases are located. Iran’s restriction of tanker movement in the Strait of Hormuz has increased concerns in the global energy market.
Medianews.az reports that as a result of these events, the price of Brent crude oil per barrel has risen to $120.
To stabilize the price increase, the International Energy Agency (IEA) announced that it will release 400 million barrels of oil from the emergency reserves of member countries into the market.
At a time when geopolitical risks are increasing, attention is focused on the countries that consume the most oil in the world. According to the data, the list is led by the US by a clear margin. The US consumes 19.12 million barrels of oil daily. China ranks second with 16.37 million barrels. Together, these two countries consume approximately 35 million barrels daily, which is about one-third of global demand.
India, with its rapidly growing economy and increasing industrial production, ranks third. Daily oil consumption in this country is 5.62 million barrels.
Countries with the highest daily oil consumption in the world:
- United States – 19.12 million barrels
- China – 16.37 million barrels
- India – 5.62 million barrels
- Saudi Arabia – 3.96 million barrels
- Russia – 3.85 million barrels
- Japan – 3.24 million barrels
- South Korea – 2.89 million barrels
- Brazil – 2.58 million barrels
- Canada – 2.33 million barrels
- Germany – 2.05 million barrels
- Iran – 1.95 million barrels
- Mexico – 1.85 million barrels
- Indonesia – 1.63 million barrels
- Singapore – 1.49 million barrels
- France – 1.36 million barrels
- United Kingdom – 1.33 million barrels
- Spain – 1.27 million barrels
- Italy – 1.26 million barrels
- Thailand – 1.25 million barrels
- United Arab Emirates – 1.18 million barrels
- Turkey – 1.16 million barrels
- Australia – 1.09 million barrels
- Malaysia – 0.93 million barrels
- Iraq – 0.92 million barrels
- Taiwan – 0.82 million barrels.
Medianews.az
