Key Market Indicators
China's demand for crude oil is expected to reach 62 million metric tons by the end of 2021, a 13.9% increase from 57 million metric tons in November 2021. Over the past 14 years, demand has risen 3.3% year on year. Meanwhile, China's oil production is expected to drop slightly to 188 million tonnes of oil equivalent by 2026, down 0.2% year on year on average since 1976. In 2021, China was ranked 6th in global production, behind Iran, Saudi Arabia, the United States and Iraq.