The forecast for employment in the crude petroleum and natural gas extraction sector shows a gradual decline from 107,000 jobs in 2024 to 102,000 jobs in 2028. In 2023, employment stood at approximately 108,000 jobs. This represents a decline over the years with the following year-on-year percentage changes: a 0.93% decrease from 2024 to 2025, a 1.89% decrease from 2025 to 2026, a 0.96% decrease from 2026 to 2027, and a 0.98% decrease from 2027 to 2028. The compound annual growth rate (CAGR) over this five-year period is approximately -1.21%.
Future trends to watch for include:
- The potential impact of technological advancements on job reduction.
- Energy transition policies potentially accelerating declines in the sector.
- Market demand shifts affecting production levels and employment needs.
