Key Market Indicators
Demand for crude oil in Italy hit 4.8 million tonnes in January 2022, up 8.3% from the 5.3 million tonnes in December 2021. This was a 4.2% drop compared to the same month a year earlier. Since 2007, Italian demand for crude oil has dropped by an average of 4.2% year-on-year. Italian crude oil production is expected to drop to less than 3 million tonnes of oil equivalent by 2026, a 2.8% decrease on the 3.5 million tonnes of oil equivalent in 2021. This is a 1.2% decrease on the same period in 1976. In 2021, Italy ranked 42nd in terms of crude oil production; Cameroon ranked higher, producing 3.5 million tonnes of oil equivalent. Saudi Arabia, the United States and Iraq came in second, third, and fourth respectively.