BAKU, Azerbaijan, November 8. The projected oil production for Kazakhstan in 2023 is expected to reach 1.96 mb/d.
As per data obtained by Trend from the US Energy Information Administration Agency (EIA), the outlook has been kept unchanged, compared to the previous month's assessment.
It is anticipated that Kazakhstan's oil output in the first quarter of 2023 amounted to 2.02 mb/d, and then declined to 1.97 mb/d in the second quarter, further decreasing to 1.85 mb/d in the third quarter. At the same time, the country's crude production in the fourth quarter is forecast to rebound to 1.99 mb/d in the fourth quarter of 2023.
Meanwhile, Kazakhstan's oil production is projected to reach 2.01 mb/d in 2024. This forecast has been adjusted slightly downward by 0.02 mb/d compared to the previous assessment.
As a result, the agency expects the nation's oil output to be at 1.93 mb/d in the first quarter of 2024, rising to 1.99 mb/d in the second quarter of 2024. During the third quarter of 2024, Kazakhstan is anticipated to produce 2.02 mb/d, with a further increase in production to 2.08 mb/d by year-end.
The country's oil output in 2022 stood at 1.83 mb/d, as per the EIA's data.
In 2022, oil production in Kazakhstan reached 84.2 million tons, equivalent to 101.6 percent of the projected amount, the country's official data indicates. 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.