Forecast: Oil Production in Indonesia

Indonesia's oil production has been declining steadily since 2013. In 2023, it stood at 619.66 thousand barrels per day. The year-on-year variation in the last two years showed a decrease of 6.92% in 2022 and 3.73% in 2023. Over the past five years, the compound annual growth rate (CAGR) has averaged -5.16%.

Forecasts indicate a continued decline, with the production expected to reach 472.47 thousand barrels per day by 2028, reflecting a forecasted 5-year CAGR of -4.33% and an overall growth rate of -19.87%.

Future trends to watch for include advances in extraction technology, shifts in global oil demand, potential government interventions, and investment in renewable energy sources that could impact future production levels.