Worldwide oil consumption increased 3.15% in 2010   

BP's Statistical Review of World Energy is a treasure trove of information about energy use across the globe and over time. Contrary to popular belief, the worldwide consumption of oil is not increasing at a rapid pace. In 2010, worldwide oil consumption grew by 3.15%, from 84.7 to 87.4 million barrels per day. Consumption naturally grew faster than normal coming out of the 2009 world recession. Over the period from 2000 to 2010, consumption grew 1.32% annually and from 1965 to 2010 consumption grew by 2.35% annually. Consumption patterns are changing across the globe.

Consumption in the Asia Pacific region grew the fastest in 2010 (5.3%) and from 1965-2010 (4.9% CAGR), but grew by only 2.6% annually between 2000 and 2010. The other fast growing regions are Africa, Middle East, Central and South America, where consumption grew by 4.6% in 2010, by 3.4% annually from 2000-2010, and by 3.9% annually from 1965-2010.

In contrast, Europe and Eurasia have seen the slowest growth in oil consumption. In 2010, consumption was up 0.3%; for the 2000-2010 period consumption declined slightly, and for the 1965-2010 period consumption grew by only 1.2% annually. North America had only slightly faster growth in consumption with 2010 up 2.1%; 2000-2010 down and 1965-2010 up by only 1.3% per year. For reference, the U.S. population has grown by 1.04% annually since 1965, while U.S. oil consumption has grown by 1.14% annually.

The long period of slow growth in oil consumption in North America and Europe have dramatically shifted global oil consumption. Whereas those two regions used to consume the vast majority of the world's oil (79.5% in 1965), in 2010 the most developed regions dropped below 50% of worldwide consumption for the first time. Asia-Pacific eclipsed North American consumption in 2007 and has widened the gap since then, now accounting for 31% of world demand. The Africa, Middle East, Central and South American region is quickly closing the gap on Europe and Eurasia in terms of total oil consumption.