Kazakhstan’s liquids supply to experience significant upswing, OPEC says

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Photo: trend.az
OPEC projects Kazakhstan's liquids supply to experience a significant upswing by approximately 80,000 b/d in 2024 - to reach an average of 2 mb/d, Trend.az reports.

This growth can be primarily attributed to the expansion activities taking place at the Tengiz oil field as part of the Tengizchevroil Future Growth Project (FGP), coupled with improvements in wellhead pressure management, OPEC believes.

Additionally, there are marginal increases anticipated in oil production at the Kashagan field and in gas condensate output from the Karachaganak field, the bloc's latest outlook indicates.

Meanwhile, OPEC expects Kazakhstan's liquids supply in 2023 to grow by 0.1 mb/d, reaching an average of 1.9 mb/d.

At the same time, according to the Energy Ministry of Kazakhstan, the country decreased its daily production by 27,000 tons.

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.