Key Market Indicators
Mongol crude oil production is forecast to reach 1.6 million tonnes of oil equivalent by 2026. This is a 3.1% annual growth rate since 2004. In 2021, Mongolia was the 55th largest producer of crude oil in the world. New Zealand overtook Mongolia in 2021, producing 1.3 million tonnes of oil equivalent. The top three producers in 2021 were Saudi Arabia, the United States and Iraq.
