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The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves). The world consumes 35,442,913,090 barrels of oil as of the year 2016, equivalent to 97,103,871 barrels per day.

America’s oil consumption has not dramatically increased since 1990 when it consumed 16.99 million b/d. The U.S. consumption is estimated to become 20.51 million b/d and 20.78 million b/d in 2022 and 2023, respectively.

In the wake of the Russia-Ukraine crisis, the U.S. placed a ban on the import of Russian crude oil and certain petroleum products, liquefied natural gas and coal. At a country level, China is the largest importer of oil from Russia. 5. Japan With a consumption of 3.43 million b/d, Japan is the fifth largest consumer of oil in the world.