From 2013 to 2023, Turkey's crude oil production has exhibited a general uptick, going from 99.25 thousand terajoules in 2013 to 158.79 thousand terajoules in 2023. This growth trajectory has experienced minor annual fluctuations, with an overall positive trend. Key observations include a significant increase in 2018 (up 11.67%) and a notable rise in 2021 (up 7.45%). The average annual growth rate (CAGR) over the last five years up to 2023 stands at 4.73%.
Forecasting future trends, Turkey’s crude oil production is predicted to continue this upward trend, reaching 193.04 thousand terajoules by 2028. The forecasted average annual growth rate for the next five years is expected to be lower at 3.09%, translating to an overall 16.45% increase over this period.
Future trends to watch for:
- Technological advancements in extraction and production processes, which could further enhance output.
- Geopolitical developments affecting Turkey's oil industry, including regional stability and international trade agreements.
- Government policies and investments in energy infrastructure.
- Market demand shifts towards renewable energies impacting crude oil production strategies.
