BAKU, Azerbaijan, April 13. Kazakhstan will remain among the main drivers of global oil supply growth in 2023, Trend reports via monthly oil outlook from OPEC.
Kazakhstan’s liquids supply is forecasted to increase by 100,000 barrels per day in 2023, which is down by 44,000 barrels per day compared to earlier forecast. Liquids production is expected to amount to 2 million barrels per day in 1Q2023, with a slight drop to 1.9 million and 1.8 million in the following two quarters. The production is expected to return to a 1.9 million level in the last quarter, thus, bringing the average annual production to 1.9 million barrels per day.
Meanwhile, the average daily liquids output in Kazakhstan decreased by 33,000 barrels month-over-month to 2 million barrels per day in February. Crude production also experienced a minor drop of 26,000 barrels per day to an average of 1.6 million barrels per day.
Natural gas liquids (NGLs) production also dropped slightly by 7,000 barrels month-over-month to average 400,000 million barrels per day.
Among other non-OPEC members, the US, Brazil, Norway, Canada, and Guyana are also projected to add the most to the world liquids supply growth. At the same time, OPEC anticipates a production decline from Russia.