How Much Crude Oil Has The World Really Consumed?

The Energy Information Administration (EIA) estimates that the world consumed 96.92 million barrels per day in 2016, with the top 10 consumers accounting for 60 percent of the total consumption. That’s nearly 100 million barrels per day. At today’s average oil price of $60 per barrel for Brent crude, that’s $5.8 billion consumed. Every. Day. The top three oil consumers—the United States (20%), China (13%), and India (5%) account for more than a third of the world’s consumption. Of those three, only the United States…