BAKU, Azerbaijan, August 9. Kazakhstan's oil production in 2024 is forecast to stand at 1.95 million barrels per day (mb/d), Trend reports.
Thus, according to the data obtained from the US Energy Information Administration Agency (EIA), the outlook has been revised up by 0.02 mb/d, compared to the previous month's assessment.
In particular, Kazakh oil output in 1Q2024 is expected to stand at 1.96 mb/d, moderately decreasing to 1.94 mb/d in 2Q2024, 1.91 mb/d in 3Q2024, and ramping up to 1.99 mb/d in 4Q2024.
At the same time, the country's average oil production over the next year is projected to decline by 0.1 mb/d year-on-year (1.96 mb/d expected in 2023).
As EIA's forecast says, Kazakhstan's average oil production in 3Q2023 is projected at 1.9 mb/d, and then, recovering in 4Q2023 to 1.97 mb/d. Kazakh oil production in 1Q2023 stood at 2.02 mb/d, and at 1.97 mb/d in 2Q2023.
According to the EIA's estimations, the country's oil production in 2022 totaled 1.83 mb/d.
Meanwhile, as the latest OPEC+ decision came in force June 4, Kazakhstan will adjust its oil production level to 1.628 mb/d throughout 2024.
