Key Market Indicators
India's oil demand is expected to grow marginally in the next five years. According to the latest figures from the Indian Ministry of Petroleum and Natural Gas, Indian crude oil demand is set to reach 21,710 thousand metric tons by January 2022, a 0.5% decrease from December 2021. This follows an average yearly growth of 1% since 2007. Meanwhile, India's crude oil production is also set to decline slightly over the same period. It is forecasted to reach 35,640 thousand tonnes of oil equivalent by 2026, down 0.1% from 2021. Since 1976, oil production has decreased by an average of 0.8% year on year. In 2021, the country ranked 22nd in the world, with the United Kingdom ahead of it at 35,380 thousand tonnes of oil equivalent. Saudi Arabia, the United States and Iraq came in at 2nd, 3rd and 4th place respectively.
