Egypt's oil production has seen varied trends over the past decade. After peaking at approximately 726.25 thousand barrels per day in 2015, production has generally declined. By 2023, it reached around 608.02 thousand barrels per day. Year-on-year variations have been inconsistent, with notable contractions in 2016 (-4.8%), 2017 (-4.51%), and the years following, but with occasional growth in years like 2015 (1.65%) and 2018 (2.15%). The compounded annual growth rate (CAGR) over the last five years was -2.05%, reflecting a steady decline.
Looking forward, the forecast indicates a continuing downward trend, with a CAGR of -0.3% expected over the next five years, reaching approximately 595.33 thousand barrels per day by 2028.
Future trends to watch for include:
- Potential technological advancements that could improve extraction efficiency.
- Global oil price fluctuations which could impact investment in the sector.
- Government policies and incentives aimed at boosting production or exploring alternative energy sources.
- Geopolitical developments in the region that may influence production dynamics.
