IEA raises up forecast for Kazakhstan’s oil production in 2023

Kazakhstan is projected to achieve an oil production level of 1.92 mb/d in 2023, reports.

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.