Key Market Indicators
China's crude oil demand is projected to reach 62 million tonnes in December 2021, up 14% from November 2021. This represents an average increase of 3.3% year-on-year since 2007. Meanwhile, China's crude oil production is forecast to reach 188 million tonnes of oil equivalent by 2026, a decrease of 0.2% year-on-year. This is down 1.3% year-on-year since 1976. In 2021, China ranked sixth in global production, with Iran in the lead at 187.3 million tonnes of oil equivalent. Saudi Arabia, the United States and Iraq were second, third and fourth respectively.
