BAKU, Azerbaijan, December 12. Kazakhstan's oil production is projected to reach 2.1 million barrels per day (mb/d) in 2025, Trend reports.
As such, the International Energy Agency (IEA) has adjusted its forecast for the country’s oil output, increasing it by 0.02 mb/d compared to the previous month’s estimate.
The IEA’s latest forecast indicates that production will average 2.03 mb/d in the first quarter of 2025, rise to 2.09 mb/d in the second quarter, and reach 2.12 mb/d in the third quarter.
For 2024, Kazakhstan’s oil output is expected to average 1.89 mb/d, with production at 1.89 mb/d in the third quarter, followed by a decrease to 1.78 mb/d in the fourth quarter.
The IEA also highlighted that Kazakhstan's average oil production in 2023 was 1.93 mb/d, reflecting a year-on-year increase of 0.11 mb/d.
Separately, Kazakhstan’s Minister of Energy, Almassadam Satkaliyev, announced that the country’s oil production is forecast to reach 88.4 million tons by the end of 2024.
“By the end of October, production had totaled 73.5 million tons,” Satkaliyev stated. He attributed the decline in output to Kazakhstan’s commitments under the OPEC+ agreement, which caps the country’s production at 1.468 mb/d in 2024. “Meeting these obligations is essential for maintaining stability in the global oil market,” he emphasized.