Key Market Indicators
Demand for crude oil in Chile soared 17.6% in January 2022, up from 830 thousand metric tons in December 2021. Since 2007, the country's demand has fallen by a slight 0.3% year-on-year. Chilean crude oil production is set to drop 8.2% year-on-year, from 133.13 thousand tonnes of oil equivalent in 2021 to 82.74 thousand tonnes of oil equivalent by 2026. Since 1976, the country's supply has decreased 8.7% on average each year. In 2021, Chile ranked 71st in the world in production. Japan took the top spot, with Saudi Arabia, the United States and Iraq following in second, third and fourth place, respectively.
