Forecast: Oil Production in the UAE

In 2023, the oil production in the UAE stood at 182.96 million metric tons. Analyzing the variations over the past several years, the data shows fluctuations: from strong growth between 2013 and 2015 to a notable decline in 2020 and 2021. However, 2022 marked a significant rebound with a 10.82% increase in production, followed by a modest growth in 2023.

Year-on-year variations in 2022 and 2023 were 10.82% and 1.02%, respectively. The Compound Annual Growth Rate (CAGR) for the past five years averages at 0.78%. Forecasted data suggests a consistent yet moderate growth rate with a five-year CAGR of 0.75%, and a total growth rate of 3.79% by 2028.

Future trends to watch for:

• Technological advancements in extraction methods.
• Global energy market dynamics and geopolitical factors.
• Policies on sustainable and renewable energy sources.
• Economic impacts of international oil demand and supply changes.