Key Market Indicators
Indonesia's crude oil demand is projected to hit 3.8 million metric tons in January 2022, up 15.8% from 3.7 million metric tons in December 2021. Since November 2007, Indonesian demand has increased by an average of 2.2% annually. Indonesia's crude oil production is expected to decline 2.4% annually from 34.2 million tonnes of oil equivalent in 2021 to 30 million tonnes of oil equivalent by 2026. Since 1976, Indonesian supply has decreased by an average of 3.7% per year. In 2021, the country ranked 23rd worldwide. India overtook it with 34.2 million tonnes of oil equivalent. Saudi Arabia, the United States and Iraq came in second, third and fourth, respectively.
