Analysis of Mexico's oil production reveals a decline from 2013 to 2020, followed by a modest recovery. Production dropped notably from 2.88 million barrels per day in 2013 to 1.92 million barrels per day in 2019, marking a significant reduction of 33.33%. However, this trend stabilized in the following years, with slight increases starting 2021. In 2023, Mexico's oil production stood at 1.96 million barrels per day.
Year-on-year percentage variation shows the steepest declines between 2014-2019, with a gradual improvement in the period from 2020-2023. Specifically, the year-on-year change was positive from 2021 onwards, indicating a stabilization and slight growth in production. The compound annual growth rate over the last five years was -1.15%, signifying a decelerating decline in output.
The forecasted data suggests a continuation of this stabilization trend with a slight annual increase projected over the next few years. The forecast 5-year CAGR is 0.43%, and the forecast 5-year growth rate is 2.19%, indicating an anticipated growth in production.
Future trends to watch for include technological advancements in oil extraction and recovery, changes in global oil prices, and Mexico's energy policies and investment in the oil sector. Global demand fluctuations and sustainable energy initiatives could also impact future production levels.