World Oil Consumption: How Much Do We Use?

What is the approximate volume of oil that the world consumes daily?

1) 10 million barrels per day

2) 61 million barrels per day

3) 77 million barrels per day

4) 89 million barrels per day

5) 96 million barrels per day

Final answer: The world consumes approximately 89 million barrels of oil per day. This estimate considers both U.S. consumption rates and global annual consumption figures, leading us to choose the closest given option.

Explanation:

The approximate volume of oil that the world consumes on a daily basis can be understood by looking at both U.S. and global consumption rates. The United States alone uses about 20 million barrels of oil each day. Given that the U.S. consumes a significant portion of the world's oil, but not more than 21% of it, and that no single country produces oil at a rate greater than about 12 million barrels per day, the global consumption rate must, by necessity, be much higher.

Examining our current level of understanding that the world consumes about 30 billion barrels a year, we can determine the daily consumption by dividing the annual figure by the number of days in a year. This calculation results in approximately 82 million barrels per day. However, as the choices given do not match this calculated figure, and the closest provided option is 77 million or 89 million barrels per day, the best estimate is to go with the higher figure since it would account for global consumption outside of the U.S as well. Therefore, answer 4) 89 million barrels per day is the most accurate choice from the options provided.