Crude oil and condensate production in India has displayed a steady declining trend over the past decade. From 2013 to 2023, production decreased from 784.55 thousand barrels per day to 598.69 thousand barrels per day. The year-on-year variation consistently reflects this downward trajectory, with a notable dip in 2019 and 2020 where the decline exceeded 5% annually. The Compound Annual Growth Rate (CAGR) over the last five years up to 2023 stands at -3.61%, highlighting a significant average annual reduction in production.
Forecasts from 2024 to 2028 indicate a continued but more moderate decline. The production is expected to reduce from 590.42 thousand barrels per day in 2024 to 570.91 thousand barrels per day by 2028. The forecasted five-year CAGR is -0.67%, suggesting a slower rate of decline compared to the past five years.
Future trends to watch for:
- Investment in alternative energy sources which could further impact oil production trends.
- Government policies aimed at boosting domestic production or reducing dependency on imports.
- Technological advancements in oil extraction and production efficiency.
- Global energy market fluctuations and their impact on India's production capabilities.
