EIA revises forecast for Kazakhstan’s oil output in 2024

Kazakhstan's oil output is expected to stand at 2.01 mb/d in 2024, Trend.az reports.

oil output
Photo: Trend.az

According to the data provided by the US Energy Information Administration Agency (EIA), the forecast has been revised down slightly by 0.02 mb/d, compared to the previous assessment.

Therefore, the agency anticipates that the country's oil production will reach 1.93 mb/d in the first quarter of 2024, increasing to 1.99 mb/d in the second quarter of 2024. During the third quarter of 2024, Kazakhstan is projected to produce 2.02 mb/d, with a further increase in output to 2.08 mb/d by the end of the year.

At the same time, Kazakhstan's oil output in 2023 is projected to stand at 1.96 mb/d. Meanwhile, the EIA estimates the country's liquids output in 2022 at 1.83 mb/d.

Meanwhile, in 2022, oil production in Kazakhstan reached 84.2 million tons, equivalent to 101.6 percent of the projected amount. Oil exports for the same year totaled 64.3 million tons, surpassing the plan by 103.4 percent. For 2023, Kazakhstan has set a target to produce 90.5 million tons of oil, with an export target of 71 million tons.

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