Vietnam’s crude oil exploitation increased by 2.9 percent in December compared to November, according to Vietnam’s Industrial Production Index.
Year-on-year, crude oil production declined by 3.8 percent in December compared to December 2023. For the full year of 2024, the sector recorded a cumulative contraction of 6.1 percent compared to 2023, reflecting sustained challenges throughout the year.
The modest monthly increase in December signals stabilisation in production following several months of decline. However, the year-on-year and year-to-date figures underscore structural challenges, including ageing oil fields, limited exploration, and fluctuating global demand for crude oil.
Crude oil remains a vital component of Vietnam’s energy and industrial sectors. However, output has been declining for a long time now with little change in sight.
The December uptick offers a brief reprieve but highlights the necessity for strategic investments in exploration and technology to maintain production levels.
See also: Crude Oil Industry in Vietnam