BAKU, Azerbaijan, April 14. Crude oil production in Kazakhstan decreased to 1.62 million barrels per day in March 2023 although production at the Tengiz oilfield recovered to 600,000 barrels per day in mid-March, Trend reports, citing the International Energy Agency (IEA).
The Agency expects production to decrease in April, particularly due to the scheduled shutdown of the export terminal of the Caspian Pipeline Consortium.
IEA estimates suggest that the average oil production in Kazakhstan in 1Q2023 will amount to 1.99 million barrels per day. Production will decrease in the second quarter, dropping to 1.84 million barrels per day. Daily output in the remaining two quarters will amount to 1.85 million barrels, per the IEA report.
Consequently, the average daily production in 2023 is anticipated to be in the region of 1.88 million barrels. In comparison, the average daily oil production in Kazakhstan amounted to 1.82 million barrels per day in 2022.
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.