Asia's Insatiable Oil Demand
Chinese demand has increased by 5.0 million BPD over the past decade, by far the most of any country. But Chinese per capita demand is still only 3.3 barrels per person per year.
In the U.S., we consume about 22 barrels per person per year. That is partially a result of a more mobile and affluent population, but U.S. consumption also drives a much larger economy. To put U.S. demand in perspective, though, if China's per capita demand were as high, it would be nearly as great as the entire current global demand.
In second place for the largest increase in oil demand over the past decade is India, which has seen its demand increase by 1.7 million BPD. Third place will probably be a surprise to many. Saudi Arabia has increased its oil demand by 1.5 million BPD over the past decade. These three countries were the only ones to experience demand growth over over one million BPD over the past decade.
The largest decrease in demand over the past decade was in Japan, which saw oil demand decline by 1.0 million BPD. Second place will be another surprise, as the U.S. saw oil demand decline by 800,000 BPD. Italy was third with a decline of 493,000 BPD, while the entire EU saw demand fall by 1.7 million BPD.