In this article, we discuss the top 5 oil importing countries in 2023. If you want to see more top oil importing countries in 2023, go directly to Top 20 Oil Importing Countries in 2023. In this article, oil is defined as crude oil.
5. South Korea
Crude Oil Imports (barrels/day) as of 2017: 3,057,000
South Korea has one of Asia’s largest economies with a GDP of $1.811 trillion in 2021. Given it doesn’t produce much hydrocarbons, South Korea is a big importer of crude oil. In 2021, the country imported $21.32 billion of crude oil from Saudi Arabia, $8.4 billion from the United States, and $7.23 billion from Kuwait.
4. Japan
Crude Oil Imports (barrels/day) as of 2017: 3,208,000
Japan has the world’s third largest economy with a 2021 GDP of $4.941 trillion. In December 2021, the country imported almost 2.5 million barrels per day according to CEIC Data.
3. India
Crude Oil Imports (barrels/day) as of 2015: 4,057,000
India has the world’s fifth largest economy by nominal GDP at $3.176 trillion and third largest economy by GDP, PPP at $10.19 trillion in 2021. Given its growing economy and its largest economic size, India’s consumption of oil has increased over the past few decades. In 2015, the country imported over 4 million barrels per day according to the CIA. In December 2021, India imported over 4.2 million barrels per day according to CEIC Data.
2. China
Crude Oil Imports (barrels/day) as of 2015: 6,710,000
China has the world’s second largest economy with a nominal 2021 GDP of $17.73 trillion and the country has also been a major importer of crude oil in the past decade. In 2015, China imported over 6.7 million barrels of crude oil per day according to the CIA. In December 2021, the country imported over 10.3 million barrels per day according to CEIC Data.
1. United States
Crude Oil Imports (barrels/day) as of 2017: 7,969,000
The United States ranks #1 on our list of Top 20 Oil Importing Countries in 2023 given crude oil imports of 7,969,000 barrels per day in 2017 according to the CIA. In December 2021, the U.S. imported over 6.1 million barrels per day according to CEIC Data.
While the U.S. remains an importer of crude oil, U.S. government statistics showed that the country’s net crude oil imports declined to 1.1 million barrels per day in November of 2022, down from net imports of around 7 million barrels per day in 2017.
If U.S. oil production continues to increase, the country could potentially be a net exporter of crude oil within a few years if not in 2023.
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