IEA raises up forecast for Kazakhstan’s oil production in 2023
As per data provided to Trend by the International Energy Agency (IEA), the forecast represents an upward adjustment of 0.1 mb/d, compared to the previous assessment.
Kazakhstan's oil production in the first quarter of 2023 is estimated at 1.99 mb/d, while in the second quarter, it is reported to have been 1.95 mb/d.
The IEA notes a slight decline in the country's output for the third quarter of 2023, with an expected production of 1.84 mb/d, followed by an increase to 1.9 mb/d in the fourth quarter of the same year.
At the same time, the Agency predicts that Kazakhstan's oil production will increase to 1.95 mb/d in the first quarter of 2024, and the anticipated output for the entire year is projected to reach 1.97 mb/d. This forecast has been slightly downgraded by 0.1 mb/d, compared to the previous month's outlook.
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.