Key Market Indicators
Demand for crude oil in the Philippines reached 437,000 metric tonnes in June 2021, up from 111,700 metric tonnes in May 2021. Compared to the same period last year, demand was down by 15.2%. Since 2007, Filipina demand for crude oil has decreased by 3% year on year. Filipina crude oil production is projected to reach 626,090 tonnes of oil equivalent by 2026, from 646,730 tonnes of oil equivalent in 2021. This is a decrease of 0.8% on an average year-on-year basis. Since 1984, Filipina crude oil production has decreased by 3%. France produced the most crude oil in 2021, followed by Saudi Arabia, the United States and Iraq.
