5) South Korea – 2,590,000 bbl/day
Even though South Korea has a large oil refining sector, it relies almost entirely on crude oil imports to fuel its refineries. Oil imports meet about 97 percent of South Korea’s energy demand.
4) India – 3,272,000 bbl/day
There is immense demand for oil in India. It is diversifying its sources of crude oil imports to reduce dependence on any one region. It is tapping nations like Columbia, Brazil and Venezuela. Currently India’s dependence on the Gulf nations is around 61 percent.
3) Japan – 3,472,000 bbl/day
Japan’s primary energy consumption is more than 450 Mtoe. It imports substantial amounts of crude oil. It relies on oil imports to meet more than 40 percent of its energy needs. While the nation had previously relied on nuclear power to meet one-fourth of its electricity needs, after the 2011 disaster, all nuclear reactors have been progressively shut down.
2) China – 5,664,000 bbl/day
China lacks domestic oil reserves. It relies heavily on oil imports to cater to the demands of its 1.3 billion citizens.
1) United States of America – 9,213,000 bbl/day
The US is the largest oil importer in the world. Around 45 percent of the nation’s oil imports are from the OPEC countries. Around 33.3 percent of its oil imports are from Canada.
The above-mentioned nations are large consumers of oil.
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