Key Market Indicators
Spanish demand for crude oil rose 18.3% in January 2022 compared to the same month the previous year, totalling 5,240 thousand metric tonnes. This marks a slight increase of 0.9% since 2007. Meanwhile, Spanish crude oil production is set to decrease by an average of 31.5% year on year, reaching 9.89 thousand tonnes of oil equivalent by 2026. This is a 12.2% decrease since 1976. In 2021, Spain was the 75th largest producer of crude oil, behind Greece in 74th place. Saudi Arabia, the United States and Iraq are the 2nd, 3rd and 4th largest producers respectively.