BAKU, Azerbaijan, September 13. The projected oil production for Kazakhstan in 2024 is expected to reach 1.95 mb/d.
As per data obtained by Trend from the US Energy Information Administration Agency (EIA), the outlook has been kept unchanged, compared to the previous month's assessment.
It is anticipated that Kazakhstan's oil output in the first quarter of 2024 will be approximately 1.96 mb/d, with a modest decline to 1.94 mb/d in the second quarter, further decreasing to 1.91 mb/d in the third quarter, and then rebounding to 1.99 mb/d in the fourth quarter of 2024.
Meanwhile, Kazakhstan's average oil production is expected at an estimated 1.96 mb/d in 2023.
According to EIA's forecasts, Kazakhstan's average oil production is projected to be around 1.9 mb/d in the third quarter of 2023, with a recovery to 1.97 mb/d in the fourth quarter of the same year. In the first quarter of 2023, Kazakh oil production was recorded at 2.02 mb/d, while in the second quarter it stood at 1.97 mb/d.
The EIA's data indicates that Kazakhstan's oil production in 2022 amounted to 1.83 mb/d.
Additionally, following the implementation of the latest OPEC+ decision on June 4, Kazakhstan is set to adjust its oil production level to 1.628 mb/d for the entirety of 2024.
