BAKU, Azerbaijan, November 14. Kazakhstan's oil output is forecast to stand at 1.92 mb/d in 2023.
As per data provided to Trend by the International Energy Agency (IEA), the forecast has been left unchanged, compared to the previous assessment.
The agency noted that, in October 2023, the production of Kazakh crude oil increased by 0.05 mb/d month-on-month and reached 1.63 mb/d.
Therefore, during the second quarter of 2023, the country's crude output was approximated to be 1.95 mb/d, followed by a decline to 1.85 mb/d in the third quarter of the same year. The IEA anticipates Kazakhstan's oil production to reach 1.9 mb/d in the fourth quarter of 2023.
Meanwhile, in 2022, oil production in Kazakhstan reached 84.2 million tons, equivalent to 101.6 percent of the projected amount. 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.