Key Market Indicators
Hungary's crude oil demand reached 608 thousand metric tons in January 2022, up 6.5% from 612 thousand metric tons in December 2021. Since 2007, demand has grown by 4.1% annually. Meanwhile, the country's crude oil production is set to decrease by 1.9% year-on-year, reaching 563.16 thousand tonnes of oil equivalent by 2026. Since 1976, production has declined by 2.7% per year. In 2021, Hungary was ranked 65th in global production, while the Philippines came in first at 621.45 thousand tonnes of oil equivalent. Saudi Arabia, the United States and Iraq were second, third, and fourth in the ranking respectively.
