As of 2023, Indonesia's oil production stood at 30.11 million metric tons. The forecasted data for the subsequent years show a declining trend in oil production. The year 2024 is expected to witness a volume of 28.66 million metric tons, followed by a steady decrease over the following years: 27.35 million metric tons in 2025, 26.24 million metric tons in 2026, 25.3 million metric tons in 2027, and 24.51 million metric tons in 2028.
Year-on-year, the changes in oil production are as follows:
- From 2023 to 2024: -4.8% - From 2024 to 2025: -4.6% - From 2025 to 2026: -4.1% - From 2026 to 2027: -3.6% - From 2027 to 2028: -3.1%
The compound annual growth rate (CAGR) over this five-year period is approximately -4.04%, indicating a consistent decline in oil production.
Looking ahead, key trends to monitor include advancements in energy-efficient technologies, shifts towards renewable energy sources within Indonesia, and geopolitical factors that may influence production capabilities and government policies. These trends will likely shape the future landscape of the country's oil industry.
