Key Market Indicators
Korea's crude oil demand is expected to reach 12.2 million metric tons in January 2022, up 13.9% from the 11.7 million metric tons in December 2021. This marks a decrease of 1.8% compared to the same month in 2007. The country's crude oil production is forecast to decrease 0.3% year-on-year, from 24.77 million tonnes of oil equivalent in 2021 to 24.65 million tonnes of oil equivalent by 2026. This would be an increase of 10.1% compared to 2010. In 2021, Korea was in 77th place, just behind Lithuania, with Saudi Arabia, the US, and Iraq in the top three.
