Key Market Indicators
Korean demand for crude oil is close to 12.2 million metric tons for January 2022, a 13.9 percent increase from December 2021. This demand has fallen 1.8 percent year-on-year since 2007. Meanwhile, Korean production of crude oil is set to reach 24.7 million tonnes of oil equivalent by 2026, a 0.3 percent decrease on average annually since 2010. This puts the country in 77th place, behind Lithuania, in 2021. Saudi Arabia, the US and Iraq were the top three producers, respectively.
