Forecast: Crude Oil and Condensate Production in Vietnam

The analysis of the crude oil and condensate production in Vietnam shows a general declining trend from 2013 to 2023. Production has decreased significantly from 336.97 thousand barrels per day in 2013 to 176.18 thousand barrels per day in 2023. Key year-on-year variations highlight notable drops in production, such as the 13.04% decrease in 2020 and a 10.19% decline in 2016. Over the last five years, the Compound Annual Growth Rate (CAGR) has been -6.25%, indicating a sharp downward trajectory. The forecast suggests a further decline with an estimated 5-year CAGR of -2.96% through 2028, projecting a total decrease of 13.97% from current levels.

Future trends to watch for include:

• Potential market dynamics influenced by global oil prices and demand.

• Technological advancements in extraction and refining techniques that may alter production capacity.

• Government policies aimed at energy diversification and sustainability, which could impact traditional oil and gas investments.