Key Market Indicators
Demand for Spanish crude oil increased by 18.3% in January 2022 compared to the same period in 2021. This brings the total demand to 5,240 thousand metric tons. Despite this, demand has decreased by 0.9% since January 2007. Spanish crude oil production is expected to drop by 31.5% from 2021 to 2026 from 74.91 thousand tonnes of oil equivalent. This will be the lowest production since 1976, when the figure stood at 12.2%. In 2021, Spain ranked in 75th place for production, with Greece overtaking them in 74th place. Saudi Arabia, the United States and Iraq were the top three producers in the same year.
