In 2023, Egypt's crude oil and condensate production stood at 566.39 thousand barrels per day, continuing a gradual decline observed over the past decade. Notably, production had peaked in 2014 at 667.4 thousand barrels per day before entering a consistent downward trajectory.
The year-on-year variation from 2022 to 2023 showed a slight decrease of 0.33%, reflecting a marginally stabilizing trend compared to the previous years. Over the last two years (from 2021 to 2023), the combined variations underscore a slight but noticeable deceleration in the production reduction, following a 4.47% drop in 2021 and a modest increase of 1.26% in 2022.
Analyzing the last five years, the compounded annual growth rate (CAGR) from 2018 to 2023 reveals an average yearly decrease of -1.69%. Forecasted data for the next five years (2024-2028) suggests a continued decrease albeit at a slower rate, with a projected CAGR of -0.19%.
Future trends to watch for include potential shifts in global oil demand, geopolitical developments, advancements in extraction technology, and Egypt’s strategic planning for energy resources which might influence production stability or recovery.
