(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 15. Kazakhstan is
projected to achieve an oil production level of 1.92 mb/d 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 previassessment.
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 previmonth'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.
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