Oil production in Thailand has seen varied trends over the years. From 2013 to 2016, production generally increased, though not consistently. Notably, there were slight declines in 2014 and 2017, followed by a significant drop starting in 2020, which continued through to 2023. In 2023, the production stood at 10.19 million metric tons. The year-on-year variations over the last few years highlight this decline, with sharp decreases recorded in 2022 and 2023. Over the past five years, the CAGR shows an average annual decrease of 9.7%.
Forecasts for the upcoming years indicate a continued steep decline, with a projected 2028 volume of 1.74 million metric tons, reflecting a forecasted 5-year CAGR of -27.02% and an overall drop of 79.3% over this period. These figures suggest a long-term downtrend in oil production in Thailand.
Future trends to watch for:
- Shifts in global oil market dynamics.
- Potential regulatory changes affecting production.
- Advances in alternative energy sources.
- Investments in oil exploration and technology.
- Economic factors influencing oil demand and supply.
