Key Market Indicators
Demand for British crude oil rose by almost 25% in January 2022 compared to the same month a year before. This marks a slight increase of less than 1% since 2007. Meanwhile, Britain's production of crude oil is projected to decrease by more than 5.6% annually between 2021 and 2026. This represents a total decrease of nearly 6% since 1976. In 2021, the country was the 24th largest producer of crude oil in the world, overtaken by Azerbaijan. Saudi Arabia, the United States and Iraq occupied the top three spots.