Oil production in Argentina has shown a varied pattern over the past decade. Starting from a high in 2013 at 644.37 thousand barrels per day, production experienced declines and modest recoveries, bottoming out in 2017 at 590.06. A notable recovery began in 2019 with a year-on-year increase of 4.92%. The trend continued with a significant jump in 2022 to 705.64 thousand barrels per day, reaching 742.02 in 2023.
Key changes in oil production include:
- Average annual growth rate (CAGR) of 1.72% over the last five years (2023-2028).
- Year-on-year production increased by 5.16% in the last year (2023).
- A steady upward trend forecasted, reaching 839.86 thousand barrels per day by 2028.
Future trends include monitoring advancements in extraction technologies, government policies impacting the energy sector, fluctuations in global oil prices, and potential new discoveries, which may further influence Argentina's oil production trajectory.
