Oil production in Angola has seen a consistent decline from 2013 to 2023, falling from 1.74 million barrels per day (MBPD) in 2013 to 1.12 MBPD in 2023. This trend represents an average annual decrease (CAGR) of 5.96% over the last five years. Year-on-year variations show significant drops, notably 11.15% in 2021. Forecasts indicate continuing decreases, with production expected to reach 0.88832 MBPD in 2028, showing an average annual reduction (forecast 5-year CAGR) of 3.57% from 2024 onward.
Future Trends to Watch For:
Key future trends include the impact of geopolitical factors, technological advancements in oil extraction, and shifts towards renewable energy. Monitoring these elements will be essential in predicting Angola's oil production outlook.
