BAKU, Azerbaijan, March 14. Kazakhstan's oil output in 2024 is expected to stand at 1.94 mb/d.
According to information provided to Trend by the International Energy Agency (IEA), the forecast has been revised down by 0.01 mb/d, compared to the outlook from the previous month.
Projections indicate that in the first quarter of 2024, the country's output is set to hit 1.93 mb/d, with a subsequent uptick to 1.98 mb/d in the second quarter. Looking ahead to the third quarter of 2024, the forecast suggests a production level of around 1.92 mb/d of oil.
The agency anticipates that Kazakhstan's oil production reached 1.93 mb/d in 2023 - up by 0.11 mb/d year-on-year.
Earlier, Kazakhstan's Minister of Energy, Almassadam Satkaliev, stated that the country's oil production would be around 90 million tons in 2023, despite early plans to generate 92-93 million tons.
According to him, about 18 million tons of oil produced in 2023 went to the domestic market. About 56 million tons were exported through the Caspian Pipeline Consortium.
Moreover, the country plans to increase oil production in 2024 to 90.3 million tons.
