Even with inefficient and expensive renewable sources of energy gaining market share in electricity production, oil remains the world’s most important energy source when factoring transportation and heating.
Using data from the International Energy Agency (IEA) analyst Florian Zandt at Statista shows 29% of the world’s energy supply came from oil. In the graphic below, two countries in particular were very heavy oil consumers in 2022.
The United States consumed around 19 million barrels of oil per day, followed by its fiercest economic competitor China, which consumed around 14 million bpd. Notably, the usage of the next 8 top consumers combined only amounted to 2/3’s of the amount used by the U.S. and China.
Look at the increase over the past 10 years. Energy drives economic growth and the “middle class” … This is not just a US phenomenon.
Try coal on for size…
10 Countries with the Highest Total Coal Consumption in the World (million cubic feet)
China — 4,320 trillion MMcf
India — 966 trillion MMcf
United States — 731 trillion MMcf
Germany — 257 trillion MMcf
Russia — 230 trillion MMcf
Japan — 210 trillion MMcf
South Africa — 202 trillion MMcf
South Korea — 157 trillion MMcf
Poland — 149 trillion MMcf
Australia — 130 trillion MMcf
Another way to look at coal consumption:
10 Countries with the Highest Per Capita Coal Consumption in the World (million cubic feet)
Australia — 5,343 MMcf
Bulgaria — 4,927 MMcf
Serbia — 4,878 MMcf
Kazakhstan — 4,858 MMcf
Czech Republic — 4,654 MMcf
New Caledonia — 4,213 MMcf
Poland — 3,917 MMcf
South Africa — 3,599 MMcf
Greece — 3,587 MMcf
Germany — 3,133 MMcf
Some of this material was prepared by Sherman Portfolios, LLC.