From 2013 to 2023, Argentina's crude oil and condensate production showed notable fluctuations. Initially, the production decreased steadily, hitting a low of 479.63 thousand barrels per day in 2017, followed by a period of growth. By 2023, production stood at 611.4 thousand barrels per day, marking positive growth after 2019 despite temporary declines in 2020.
Year-on-year analysis illustrates varied changes: - From 2013 to 2018, declines and minor uplifts occurred, with noticeable declines in 2016 and 2017.- Significant recovery began in 2019, surging by 13.41% in 2022 and 4.98% in 2023.
Compound Annual Growth Rate (CAGR):- From 2013 to 2023, it reflected a progressive recovery with a CAGR of 4.55% by 2023.- The forecast from 2024 to 2028 averages an annual growth rate of 1.67%, with an overall 8.64% growth.
Future trends to watch for include advancements in extraction technology, economic policies impacting investment in oil fields, and geopolitical factors influencing global oil demand and prices. Consistent growth is expected, but contingent upon regulatory stability and market adaptability.
