BAKU, Azerbaijan, August 11. Kazakhstan's oil production in 2023 is expected to stand at 1.91 million barrels per day (mb/d), Trend reports.
The forecast for the country's crude output in the current year has been improved by 0.2 mb/d, compared to the previous assessment.
According to the data received from the International Energy Agency (IEA), in 1Q2023 and 2Q2023 Kazakhstan's oil production is estimated to have stood at 1.99 mb/d and 1.95 mb/d, respectively.
The country's output is expected to decrease slightly to 1.83 mb/d in 3Q2023, and to 1.87 mb/d in 4Q2023, the agency noted.
The IEA also forecasts Kazakhstan's oil production to grow to 1.96 mb/d in 1Q2024, with expected output for the whole year to stand at 1.98 mb/d. The forecast for the coming year has been left unchanged, compared to previous month's outlook.
Kazakhstan's oil production in July 2023 amounted to 1.5 mb/d. As of July, Kazakhstan's quota for oil production under the OPEC+ deal stood at 1.55 million b/d. Thus, according to S&P Global Commodity report, in the reporting period of 2023, Kazakhstan lagged behind the OPEC+ quota by 0.05 mb/d.
Furthermore, as the latest OPEC+ decision came in force June 4, Kazakhstan will adjust its oil production level to 1.628 mb/d throughout 2024.
