Over the past decade, production values demonstrated significant fluctuations. After a steep decline from 2013 to 2016, which marked the most volatile period, a recovery began in 2017. The CAGR for recent years indicates minor positive growth: from 2023 to 2028, a 0.36% CAGR is anticipated, reflecting a stabilizing, yet modest, growth trend. Specific year-on-year variations also suggest a slowly recovering market with the period from 2021-2023 showing incremental growth.
Future trends to watch include the impact of renewable energy policies, global oil demand fluctuations, and advancements in refining technologies. Regulatory shifts and environmental goals will be critical in shaping long-term production dynamics.
