ASTANA, Kazakhstan, September 8. Kazakhstan's oil production in August 2023 reached 1.45 mb/d, Trend reports.
As indicated in a Platts survey conducted by S&P Global Commodity Insights, this marks a decrease compared to July 2023 when the country's output stood at 1.5 mb/d.
Moreover, Kazakhstan has been lagging behind its production quota of 1.55 mb/d, which was established as part of the OPEC+ agreement, for several months already. Consequently, in August, Kazakhstan fell short of the quota by 100,000 b/d.
As the latest OPEC+ decision came in force June 4, Kazakhstan is expected to adjust its oil production level to 1.628 mb/d throughout 2024.
According to the latest outlook from OPEC, Kazakhstan's liquids supply in 2023 is expected to rise by 0.1 mb/d, averaging 1.9 mb/d. This forecast has been revised up by 9,000 b/d compared to the previous estimate, mainly due to better-than-expected June output. At the same time, Kazakhstan's liquids supply level in 2024 is forecast to increase by approximately 80,000 b/d, averaging 2 mb/d.