BAKU, Azerbaijan, March 15. Kazakhstan’s crude oil production fell 60,000 barrels per day reaching 1.61 million barrels per day in February 2023, Trend reports, via the Oil Market Report issued by the International Energy Agency (IEA).
The production target was set at 1.63 million barrels per day, which Kazakhstan missed by 20,000 barrels.
Additionally, the IEA notes that the sustainable capacity level, which can be achieved within 90 days and maintained for an extended period of time, is 1.7 million barrels per day.
The report cites various outages as a factor explaining the drop in daily production. Additionally, at the start of February, unscheduled maintenance at the Tengiz oil field has curbed flows at the country’s largest oil field.
Estimates suggest that production at the oil field was around
600,000 barrels per day in February 2023.
Currently, the daily output at the Tengiz oil field decreased again
and is estimated to be around 560,000 barrels.
The IEA was created in 1974 to help coordinate a collective response to major disruptions in the supply of oil. While oil security remains a key aspect of the work, the IEA has evolved and expanded significantly since its foundation. The IEA recommends policies that enhance the reliability, affordability, and sustainability of energy.