Key Market Indicators
Russian crude oil demand rose by 6.3% in December 2021 compared to the same month a year earlier. This brings the total demand for the year to 24.96 million metric tonnes, up slightly from the 24 million tonnes the previous month. On the other hand, Russian crude oil production is forecast to increase by 0.5% year-on-year over the next five years, reaching 545 million tonnes of oil equivalent by 2026. This is a slight decrease from the long-term average growth rate of 0.1% since 1995. Saudi Arabia, the United States and Iraq are the world’s next largest producers of crude oil.
