When it comes to oil consumption, the world largest three consumers in 2018 were Asia Pacific (36.40%), North America (23.85%), followed by Europe (15.90%).
While Europe is trying to phase oil out especially from the transportation sector, any reduction of oil consumption in Europe will be completely offset by oil consumption growth in Asia Pacific and North America.
This trend is quite clear when comparing the data of oil consumption for 2017 and 2018, where a decline of oil consumption in Europe of 4.2 million tonne of oil equivalent was met by a combined increase in oil consumption in Asia Pacific and North America of 59.8 million tonne of oil equivalent (that is equivalent to 14 times the decline in Europe oil consumption).
Therefore any policy changes with regards to oil consumption in Asia Pacific and North America will have a real impact on the oil industry compared to a similar policy change in Europe. Simply put, when it comes to Oil Consumption and the future of oil industry, Asia Pacific and North America matter, Europe does not.
Breakdown (Oil Consumption for 2018):
◼ World total oil consumption: 4,662.1 Million Tonne oil Equivalent
◼ Asia Pacific: 36.40% (1695.4 Million Tonne oil Equivalent)
◼ North America: 23.85% (1112.5 Million Tonne oil Equivalent)
◼ Europe: 15.90% (742.0 Million Tonne oil Equivalent)
◼ Middle East: 8.84% (412.1 Million Tonne oil Equivalent)
◼ South & Central America: 6.76% (315.3 Million Tonne oil Equivalent)
◼ CIS: 4.15% (193.5 Million Tonne oil Equivalent)
◼ Africa: 4.10% (191.3 Million Tonne oil Equivalent)
