Forecast: Oil Production in China

China's oil production experienced stabilization from 2013 to 2015, followed by a significant decline in 2016 and 2017. Post-2018, production showed a gradual recovery, with notable increases from 2019 onwards. As of 2023, oil production stands at 206.09 million metric tons.

Over the last two years, the year-on-year variation highlights a steady increase: 2.94% in 2022 followed by 0.67% in 2023. The five-year Compound Annual Growth Rate (CAGR) shows a positive trend at 1.71%.

Future trends to watch for include:

• Continued moderate growth as reflected in the forecasted 5-year CAGR of 0.48% through 2028.
• Potential impacts of China's energy transition policies and global oil market dynamics.
• Advancements in extraction technology and exploration in untapped reserves.