Who is buying most of the oil in the world? Is it China or someone with money?

Question

when the oil price is high, people eventually stop buying and the demand will drop accordingly. Someone or some group is making prank out of this.

Answer 1

Given below is the list of Global oil consumers who consume more than 2 million barrels / day. USA is the top user. China is no.3 next to Japan.

Top World Oil Consumers, 2001*

Country Total Oil Consumption

                                                     (Million barrels per day)

1) United States                                       19.7

2) Japan                                                      5.4

3) China                                                       4.9

4) Germany                                                  2.8

5) Russia                                                      2.5

6) Brazil                                                        2.2

7) South Korea                                            2.1

8) France 2.0

9) Canada                                                    2.0

10) India                                                        2.0

There is not a single OPEC country in the top ten oil-consuming countries. This is

in fact a reflection of the level of development of their economies in terms of the

development of industry, transport, communications etc., particularly those areas

which are significant consumers of oil

• The only developing countries in the top ten oil consumers are China, Brazil and

India. This reflects the fact that economic development processes in these

countries are characterized by an intensive and increasing use of oil and thereby

increasing dependence on oil.

• Of the top ten oil consumers, only four come in among the top ten producers of

oil for the year 2001- U.S, China, Russia and Canada. Of these U.S and China

consume more than what they respectively produce, making them dependent on

imports.

• Russia, Brazil and Canada are the only net exporters among the top ten oil

consumers, with Russia being the only one among the top ten oil producers.