Between 2013 and 2019, Thailand's oil production remained relatively stable, fluctuating slightly before seeing a significant decrease starting in 2020. The most dramatic declines occurred over the last two years, with a year-on-year drop of 17.48% in 2022 and 10.65% in 2023. The Compound Annual Growth Rate (CAGR) for the past five years stands at -9.04%, highlighting the rapid decrease in oil production.
Looking forward, forecasts indicate continued declines in oil production, with a CAGR of -16.9% expected from 2024 to 2028. Production levels are projected to fall to 100.23 thousand barrels per day by 2028, representing a total reduction of 60.38% over this period compared to 2023.
Future trends to watch for include advances in alternative energy adoption in Thailand, the impact of global oil market fluctuations, and potential shifts in governmental policy regarding energy production and consumption. Monitoring these factors will be crucial for understanding the trajectory of Thailand's oil industry.
