Key Market Indicators
Tobagonian crude oil production is projected to drop to 2,250 thousand tonnes of oil equivalent by 2026, according to figures released by the World Bank. This is a decrease of 4.9% annually compared to 2021, when the country produced 2,970 thousand tonnes of oil equivalent. Since 1976, crude oil production in Tobago has decreased by 4.5% each year. In 2021, the country ranked 43rd in the world in terms of production. Italy overtook Tobago and became the 43rd largest producer with 2,970 thousand tonnes of oil equivalent. Saudi Arabia, the United States and Iraq held the two, three and four spots respectively.
