Forecast: Oil Production in India

India's oil production has experienced a consistent decline from 2013 onwards. In 2023, it stood at 717.92 thousand barrels per day, marking a significant reduction from 920.99 thousand barrels per day in 2013. Year-on-year declines were particularly pronounced, with the largest drop of 6.68% occurring in 2020. The average annual decline over the past five years (CAGR) was 4.28%, indicating a persistent downward trend.

Looking ahead, forecasted data suggest a continued but slower decline in production. By 2028, India’s oil production is expected to be at 666.03 thousand barrels per day. The forecast over the next five years shows an average annual decrease of 1.06%, a moderation compared to the more substantial declines observed in recent years.

Future trends to watch for:

• Potential impact of policy changes aimed at increasing domestic production.
• Technological advancements in oil extraction and exploration.
• Shifts towards renewable energy sources affecting overall demand for oil.
• Global oil market dynamics and their effect on domestic production strategies.