Key Market Indicators
Japanese demand for crude oil is forecast to reach 11.9 million metric tonnes in January 2022. This is 5.5% higher than in December 2021, when it stood at 12.3 million metric tonnes. In comparison, demand in January 2007 was 3.7% lower than it is today. Meanwhile, Japanese production of crude oil is expected to drop by 6.2% annually between 2021 and 2026, from an estimated 139.7 thousand tonnes of oil equivalent in 2021 to 97.96 thousand tonnes of oil equivalent in 2026. This would represent a 5.8% decrease in production compared to 1976. In 2021, Japan ranked 70th in the world for crude oil production, with Kyrgyzstan ahead of it at 139.7 thousand tonnes of oil equivalent. Saudi Arabia, the United States and Iraq were the top three producers respectively.
