Forecast: Crude Oil and Nartural Gas Exports to China by Ghana

From 2013 to 2023, Ghana's crude oil and natural gas exports to China exhibited significant fluctuations, starting at $210.8 million in 2013 and reaching $2369.3 million in 2023. The year-on-year variation over the period highlights a volatile trend with peaks and troughs. Notably, exports increased sharply in 2017 by 201.47%, followed by a decline in 2018 of 22.87%. Over the last two years, from 2022 to 2023, the exports have grown consistently by around 5.25%. The compound annual growth rate (CAGR) from 2018 to 2023 was approximately 7.1%, reflecting a steady upward trend in recent years.

Forecasts from 2024 onwards predict a gradual increase, with exports expected to reach $2928.0 million by 2028. The forecasted 5-year CAGR from 2023 to 2028 is 3.34%, showing moderate growth. Key trends to watch in future include global oil prices, China's energy demand, and Ghana's production capabilities, which will all play critical roles in shaping the export landscape.