Australia's oil production showed fluctuating trends from 2013 to 2023, with a significant decline in early years but some recovery peaking in 2019. In 2023, oil production stood at 17.55 million metric tons. The year-on-year percentage variation for the last two years was a decline in 2022 by 5.03%, followed by a modest increase in 2023 by 0.32%. The CAGR over the last five years up to 2023 was 3.63%, indicating moderate growth.

Future trends to watch for include:

Steady but minimal forecasted growth through 2028 with an average annual growth rate of 0.06%.
Potential influence of global market dynamics and local regulatory policies on production levels.
Technological advancements and efficiency improvements in oil extraction and production.