Key Market Indicators
Demand for crude oil in the Czech Republic has surged by 18% in the past year, reaching 623 thousand metric tons in January 2022. This was up from 617 thousand metric tons in December 2021. Since 2007, demand has fallen marginally by 0.1% year on year. On the other hand, production of crude oil in the Czech Republic is expected to decrease by 8.9% year on year over the next five years, from 79.59 thousand tonnes of oil equivalent in 2021 to 47.37 thousand tonnes of oil equivalent by 2026. This follows a steady decrease since 1976, when total production stood at 7.7% lower than it did in 2021. The country ranked 74th in the world for production in 2021, just behind Spain at 79.59 thousand tonnes of oil equivalent. Saudi Arabia, the United States and Iraq were the top three countries in the ranking.
