Egypt's oil production for the years 2024-2028 is projected to steadily decline. In 2023, the actual oil production stood at 29.60 million metric tons. The forecasted values show a gradual decrease from 29.51 million metric tons in 2024 to 29.08 million metric tons by 2028.
Year-on-year variation:
- 2024: -0.30%
- 2025: -0.51%
- 2026: -0.37%
- 2027: -0.34%
- 2028: -0.24%
The CAGR from 2023 to 2028 is approximately -0.35%, signaling a consistent annual decrease in production.
Future trends to watch for include exploration and development of new oil fields, advancements in extraction technology, and geopolitical factors that may affect production levels. Additionally, global shifts towards renewable energy may influence Egypt's future oil production strategy.
