Crude oil and condensate production in Australia saw significant fluctuations between 2013 and 2023. From a high of 353.3 thousand barrels per day in 2014, production declined to a low of 263.26 in 2017 before a brief recovery to 351.28 in 2020. By 2023, production stood at 317.62 thousand barrels per day, reflecting a slight 0.4% decrease from the previous year. Over the past five years, the compound annual growth rate (CAGR) has been a modest 2.29%, indicating a stable production trend.
Looking ahead to 2024 and beyond, forecasts suggest a gradual decline in production, with a five-year CAGR of -0.38%. Production is expected to decrease to 309.68 thousand barrels per day by 2028, representing an overall drop of 1.86% over the forecast period.
Future trends to watch for:
- The impact of global oil prices on Australia's production levels.
- Technological advancements in extraction techniques.
- Environmental regulations and policies affecting production capacities.
- The development and utilization of alternative energy sources.
