Key Market Indicators
Demand for crude oil in India is expected to reach 22 million tonnes in 2022, a slight increase from the 21.5 million tonnes consumed in 2021. This marks a 1% jump from the same time a year before. The country has seen a steady increase in demand since the start of 2007. India's production of crude oil is set to reach 36 million tonnes of oil equivalent by 2026. This is a slight decrease from the 35.4 million tonnes of oil equivalent in 2021, indicating a 0.1% year-on-year decline, on average. Since 1976, the country's production has been falling by 0.8% on average each year. In 2021, India held the 22nd position in crude oil production rankings, with the UK ranking higher at 35.4 million tonnes of oil equivalent. Saudi Arabia, the US and Iraq took the top three spots, respectively.
