Global Oil Consumption News

Global Oil Consumption: Imagine 19 million barrels of oil disappearing every single day. That's what the United States consumes. Enough to fill over 1,200 Olympic swimming pools daily. The US accounts for nearly 19% of all oil burned globally. China follows at 16.4 million barrels per day, and India at 5.6 million. But here's the twist: while America remains the largest consumer, India is growing the fastest. In 2024, India overtook China as the top driver of global oil demand growth. In this photo story, you'll discover which countries consume the most oil, why the US dominates, and how India's surging demand is reshaping the global energy landscape. Info source: Based on 2024 global oil consumption data from the Energy Institute's Statistical Review of World Energy 2025, US Energy Information Administration (EIA), and IndexBox market analysis. All AI-generated representative images. (Photo credits: Grok)

India's crude oil import bill is likely to fall by 21.7 percent this fiscal to USD 88 billion on falling international oil prices, according to latest Petroleum Ministry estimates.

US benchmark West Texas Intermediate for delivery in July fell 58 cents to USD 60.85 a barrel compared with yesterday's closing level. Brent North Sea crude for July slid 46 cents to stand at USD 65.24 around midday in London.

Front month U.S. crude climbed 24 cents to $58.38 a barrel by 0320 GMT, after ending the previous session down 99 cents. Brent for June delivery rose 19 cents to $62.88 a barrel, having settled down 62 cents in the previous session.

Brent futures were up 60 cents at $64.62 a barrel by 0310 GMT. U.S. crude prices were also up 60 cents at $58.59 a barrel.

Global oil production exceeds demand by around 2 million barrels per day, or over 2%.