Over the past decade, Malaysia's oil production has shown variability with peaks and troughs. From 2013 to 2023, oil production ranged from 25.53 million metric tons in 2022 to a high of 33.3 million metric tons in 2016. Notably, the year-on-year changes have been predominantly negative between 2017 and 2023, except for slight variations in some earlier years. In 2023, Malaysia's oil production stood at 24.98 million metric tons, continuing a trend of decline observed since 2019.
Between 2013 to 2023, the Compound Annual Growth Rate (CAGR) has varied, reflecting short-term growth spurts and longer-term contractions. The last five years have seen an average annual decline of 5.15% in production. Looking ahead, forecasts from 2024 to 2028 predict a continued decrease, with an average annual reduction of 1.64% and an overall decline of 7.95% by 2028.
Future trends to watch for:
- Technological advancements in extraction and production.
- Government policies impacting the energy sector.
- Fluctuations in global oil demand and prices.
- Environmental policies and shifts towards renewable energy sources.