Key Market Indicators
Demand for crude oil in Thailand declined slightly in January 2022, dropping to 4.4 million metric tons from 4.5 million metric tons in December 2021. This represented a 0.5% decrease from the same period a year earlier. Since 2007, Thai demand for crude oil has decreased by 2% year on year. Thai crude oil production is expected to rise by 0.9% on average from 2021 to 2026, reaching 13.3 million tonnes of oil equivalent. This is compared to 12.5 million tonnes of oil equivalent in 2021. Since 1976, Thai supply has decreased by 0.8% year on year. Thailand ranked 32nd in 2021 while Vietnam was ahead at 12.5 million tonnes of oil equivalent. Saudi Arabia, the United States and Iraq came in second, third and fourth in this ranking respectively.
