Forecast: Crude Oil Production in Germany

Germany's crude oil production has consistently declined from 112.33 thousand Terajoules in 2013 to 71.47 thousand Terajoules in 2023. The year-on-year percentage change highlights a continued downward trend, with the most significant annual drop of 7.82% occurring in 2014. This decline has continued albeit at varying rates, with the most recent year (2023) showing a 3.53% decrease. Over the last five years, the compound annual growth rate (CAGR) has averaged at -4.07%. Looking forward, the forecast suggests a further decrease in production, projecting a 3.12% annual reduction until 2028, cumulating to a 14.67% overall decline.

Future trends to watch for:

• Increased focus on renewable energy sources might accelerate the decline in crude oil production.

• Potential technological advancements in oil extraction methods might stabilize or slightly boost production marginally.

• Global economic factors and geopolitical situations could significantly influence production trends.