Forecast: Crude Oil and Condensate Production in Saudi Arabia

In 2023, Saudi Arabia's crude oil and condensate production stood at 10.48 million barrels per day, reflecting a slight year-on-year decrease of 0.24%. This slight dip followed a significant recovery in 2022 when production surged by 11.87% compared to 2021. Over the last five years, production exhibited a negligible average annual decline with a CAGR of -0.094%. Notable fluctuations occurred during this period due to global market dynamics and policy decisions.

Looking ahead, projections indicate an estimated average annual growth rate of 0.68% from 2024 to 2028, suggesting a steady, though modest, increase in production volumes. Key future trends to monitor include geopolitical developments, OPEC+ policy shifts, and advancements in extraction technology, which could significantly impact production capacities and global market scenarios.