Key Market Indicators
Demand for Saudi crude oil is on the rise, increasing 18.5% compared to the previous year. By 2026, it is expected to reach 11.8 million metric tons. Since 2007, demand has increased 5.5% year-on-year. Supply of Saudi crude oil, however, has been steadily declining over the years, decreasing by 0.8% year-on-year since 1976. In 2021, it reached 510.1 million tonnes of oil equivalent, taking second spot in the global ranking. Russia surpassed Saudi Arabia to take the top spot while the US and Iraq were in third and fourth place respectively.
