Vietnam’s crude oil extraction reached 700,000 tons in March, up from 607,500 tons in February. Total output for the first quarter stood at 1,960,400 tons, reflecting a 2.8 percent decline compared to March 2024 and a 6.4 percent drop year-on-year, according to data from the General Statistics Office.

This decrease indicates a shift in the crude oil sector’s performance, pointing to potential supply disruptions or seasonal fluctuations. The data underscores challenges facing the sector as Vietnam adapts to global market conditions and domestic production needs.

Of note, Vietnam’s crude oil extraction is a significant sector within the country’s energy industry, contributing to both domestic energy needs and exports. The country has been a notable producer of oil in Southeast Asia, with offshore fields such as those in the Cuu Long Basin being key contributors to the nation’s crude oil output.

The state-owned company PetroVietnam is the primary entity responsible for the exploration, extraction, and development of oil resources in the country. Vietnam’s crude oil production has traditionally been focused on offshore oil fields, with a mix of state-run and international companies operating in partnership to manage extraction processes. The country primarily produces light crude oil, which is highly sought after on the international market for refining into gasoline and other petroleum products.

Vietnam’s crude oil extraction has fluctuated over the years due to a variety of factors, including declining reserves in mature oil fields, limited new discoveries, and global market conditions. As the country’s oil fields age, there has been increasing difficulty in maintaining consistent production levels. This has led to a decrease in overall output in recent years, despite efforts to enhance exploration and recovery techniques.

Vietnam’s crude oil extraction is an essential part of the country’s energy sector, though production levels have been declining in recent years. Efforts to modernize extraction techniques and diversify the energy mix are shaping the future of the sector, as Vietnam adapts to both market demands and environmental considerations.