Key Market Indicators
Russia's demand for crude oil is set to jump 6.3% in December 2021 compared to November 2021, totalling 25 million metric tons. This is a slight increase on the 24 million metric tons recorded a year earlier. Since 2007, demand in Russia has decreased by 0.2% year on year. Russian crude oil production is forecast to reach 545 million tonnes of oil equivalent by 2026. This is an increase of 0.5% year on year compared to 2021's total of 521 million tonnes of oil equivalent. Since 1995, production in Russia has decreased by 0.1% year on year. Saudi Arabia, the United States and Iraq are the top three producers.
