Forecast: Oil Production in Saudi Arabia

In 2023, Saudi Arabia's oil production stood at 12.26 million barrels per day, marking a modest year-on-year increase of 1.03% from 2022. Over the last decade, production displayed fluctuations, notably peaking at 12.41 million barrels per day in 2016 before dipping to a low of 10.95 million barrels per day in 2021. The average compound annual growth rate (CAGR) for the last five years was nearly stagnant at 0.001%.

From a forecast perspective, production is expected to continue its upward trend, with an anticipated average annual growth rate of 0.8% over the next five years, leading to production targets of 12.9 million barrels per day by 2028, representing a 4.08% overall growth from 2023's level.

Key future trends to watch for include:

• Potential impacts of global economic conditions and energy transitions towards alternative sources
• Geopolitical factors influencing oil supply dynamics
• Technological advancements in oil extraction and production methods
• OPEC policies and their effect on production quotas