From 2013 to 2017, the UAE saw a generally upward trend in oil production, peaking at 4.02 million barrels per day (bpd) in 2016. This was followed by a dip, then another peak in 2022 at 4.02 million bpd. The year 2023 stood at 4.06 million bpd, showing a slight increase of 1.03% year-on-year.
From 2024 to 2028, the forecast data suggest a steady growth in oil production, with a Compound Annual Growth Rate (CAGR) of 0.97%, reaching 4.32 million bpd by 2028. The forecasted five-year growth rate stands at 4.97%.
Future trends to watch for include:
- Technological advancements in extraction and production methods.
- Shifts in global oil demand, partly influenced by renewable energy adoption.
- Geopolitical factors affecting regional stability and oil production capabilities.
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