Key Market Indicators
Japan's demand for crude oil is expected to reach 11.9 million metric tons in 2022, up 5.5% from the previous year. This is 3.7% lower than the peak reached in 2007. Japan's production of crude oil is projected to fall 6.2% on an annual basis by 2026, to 98,000 tonnes of oil equivalent. This is 5.8% lower than in 1976, when the country was overtaken by Kyrgyzstan to become the 70th-largest producer in the world. Saudi Arabia, the United States, and Iraq came in second, third, and fourth respectively.
