Key Market Indicators
Saudi Arabia's demand for crude oil in January 2022 surged 18.5%, to nearly 12 million metric tons, compared to the same period in 2021. Year-on-year, demand has grown 5.5% since 2007. Meanwhile, the country's crude oil production is forecast to reach 533.7 million tonnes of oil equivalent by 2026. This will be a 0.5% year-on-year growth compared to 2021. Since 1976, Saudi supply has decreased by 0.8%. Russia was the world's top producer in 2021 at 510.1 million tonnes, followed by Saudi Arabia, the United States and Iraq.
