Three countries - China, India and Japan - account for more than 63% of the Asia’s total oil consumption, according to the BP Statistical Review of World Energy report.
Even though China’s consumption growth slowed to 1.5%, the country continued to occupy top slot in the oil consumption.
India has surpassed Japan to become the world’s third-largest oil consumer, according to BP Statistical Review of World Energy. With demand of 4159 thousand barrels per day (bpd), India is now the third-largest consumer behind US and China. According to the report, India’s oil consumption growth will be the fastest among all major economies by 2035.
Japan has slipped to the fourth spot as it is recording the largest decline in oil consumption. Its oil usage contracted 3.9 per cent to 4.15 million bpd in 2015 as demand weakens amid a declining population and more efficient vehicles.
The world’s third-biggest economy imported about 3.37 million barrels a day in 2015, a 2.3 per cent drop from the previous year, according to Japan’s official data.
That’s the lowest since 1988 when the nation imported 192.2 million kiloliters.
In 2015, South Korea consumed 2.4 million barrels per day of petroleum and other liquids in 2015, making it the 4th largest consumer in Asia.
Countries in the South East Asia region – such as Indonesia, Thailand, Singapore and Taiwan – are other major consumers of oil in Asia.
Globally oil remains leading fuel, accounting for 32.9 per cent of global energy consumption. Coal continued as second-largest fuel having market share 29.2 per cent. Natural gas' market share of primary energy consumption remained at 23.8 per cent.