Key Market Indicators
Mexican demand for crude oil is expected to decrease by 0.4% year on year from 2021 to 2026. The country is projected to use 70,060 Thousand Tonnes Of Oil Equivalent of crude oil in 2026, compared to 70,300 Thousand Tonnes Of Oil Equivalent in 2021. Since 2007, Mexican demand for crude oil has been decreasing at a year-on-year rate of 0.4%. In 2021, the country is expected to use 70,300 thousand tonnes of oil equivalent, down 5.4% from the 76,010 thousand tonnes of oil equivalent demand in 2007. Venezuela leads the world in oil production, with 88,010 thousand tonnes of oil equivalent in 2021. Saudi Arabia, the United States, and Iraq follow in second, third, and fourth place respectively. Looking ahead, Mexican crude oil production is forecasted to reach 70,060 thousand tonnes of oil equivalent by 2026, a drop of 4.1% year-on-year on average.
