Key Market Indicators
Demand for British crude oil is forecast to increase by around 25% to 4.3 million metric tonnes in January 2022, compared to 4.2 million metric tonnes the previous December. This will mark a 0.9% decline from the same period in 2007. Meanwhile, British crude oil production is expected to decline by 5.6% year-on-year in 2026, falling to 24.6 million tonnes of oil equivalent. This is a 5.9% drop since 1976. Britain currently ranks 24th in the world, with Azerbaijan overtaking it in 2021 at 33.9 million tonnes of oil equivalent. Saudi Arabia, the United States and Iraq are second, third and fourth respectively.
