Key Market Indicators
Demand for crude oil in Australia has seen a dramatic drop of over 40% year-on-year, reaching 1.01 million metric tons in January 2022. This marks a 10.5% fall from January 2007. Meanwhile, Australia's crude oil production is also set for a decrease over the coming years, with 7.84 million tonnes of oil equivalent by 2026, a 5.8% year-on-year drop. This marks a 7.1% decrease since 1976. Australia came in at number 33 in 2021, behind Thailand who overtook them with 10.91 million tonnes of oil equivalent. The top three countries in the ranking were Saudi Arabia, the United States and Iraq respectively.
