Key Market Indicators
Italian crude oil demand dropped to 4.8 million metric tons in January 2022, down 8.3% from 5.3 million metric tons in December 2021. This is the lowest level since January 2007, and a 4.2% decrease from the same period a year ago. Italian crude oil production is projected to reach 3.0 million tonnes of oil equivalent in 2026, a 2.8% decrease from 3.5 million tonnes of oil equivalent in 2021. This would be the lowest production level since 1976, with a year-on-year decrease of 1.2%. In 2021, Italy ranked 42nd in the world for oil production, behind Cameroon (3.5 million tonnes of oil equivalent). Saudi Arabia, the United States and Iraq were the top three producers in the world.
