Forecast: Output of Petroleum in China

The petroleum output in China underwent significant fluctuations from 2013 to 2023. Peaking at 21.46 in 2015, the production saw notable declines in subsequent years, particularly from 2015 to 2019, where it troughed at 18.93 in 2018. Although there was a slight recovery to 19.5 in 2023, the overall year-on-year variation for 2023 stood at 0.045%, with a 5-year CAGR of 0.59%. Looking forward to 2028, a stabilizing trend is evident with a forecasted 5-year CAGR of 0.04%.

Future trends to watch:

• Technological advancements in extraction and production could drive efficiency and output.
• Government policies and regulations focusing on renewable energy may impact petroleum production levels.
• Global market dynamics and geopolitical factors affecting oil prices will influence production strategies.